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Full text of "Proceedings of the ... annual convention"

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GENEALOGY 
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PROCEEDINGS 



OF THE 



TWENTY-THIRD 

ANNUAL CONVENTION 



OF THE 



Georgia Bankers' 
Association 



HELD AT 
ATLANTA. GEORGIA 

May 7-8-9, 1914 



TABLE OF CONTENTS 



Officers 1914-1915 5 

Group Officers 1914-1915 7 

Honor Roll of Past Presidents 8 

Registration Twenty-third Annual Convention 9 

Official Membership Roll 16 

Opening With Group Dinners 21 

Invocation by the Rev. W. W. Memminger 29 

The Hon. John M. Slaton's Address 30 

Capt. P. D. Bloodworth's Address 32 

President L. P. Hillyer's Address 34 

President L. P. Hillyer Endorsed 36 

Chairman Executive Council Report 37 

Secretary's Report 38 

Treasurer's Report 42 

General Counsel's Report 43 

Agricultural Committee Report 45 

New Constitution and By-Laws 51 

Address by Dr. John Lee Coulter 59 

Capt. F. D. Bloodworth Endorsed 66 

American Bankers' Association Members Elect 67 

Luncheon, Ball Game and Banquet 68 

Address by the Hon. John Temple Graves 70 

Report of Mr. Eugene W. Stetson, Executive Council, A. B. A. . . 73 

Election of Officers 78 

Resolutions Committee Report 79 

Report of Mr. Jos. A. McCord, Executive Council, A. B. A. . . . 80 

Address by Mr. Chas. S. Calwell 88 

Address by Mr. Melvin A. Traylor 94 

Report of Boys' Corn Clubs 119 

Report of Legislative Committee 122 

Address by Mr. McLane Tilton 124 

Ex-President's Dinner 127 

Groups Meeting Minutes 127 



OFFICERS 1914-15 



PRESIDENT — L. G. Council, Americus, President The Planters Bank. 

FIRST VICE-PRESIDENT— F. S. Etheridge, Jackson, President First 
National Bank. 

SECOND VICE-PRESIDENT— Chas. B. Lewis, Macon, Vice-President 
Fourth National Bank. 

THIRD VICE-PRESIDENT— Rufus H. Brown, Augusta, Cashier Geor- 
gia Railroad Bank. 

FOURTH VICE-PRESIDENT— Jos. W. Heffernan, Savannah, Vice- 
President and Cashier, Hibernia Bank of Savannah. 

FIFTH VICE-PRESIDENT— O. B. Bishop, Adairsville, Cashier Bank 
of Adairsville. 

SECRETARY— Haynes McFadden, Atlanta, 1005-6 Candler Bldg. 

TREASURER— E. C. Smith, Griffin, Vice-President and Cashier, Griffin 
Banking Company. 



EXECUTIVE COUNCIL 

T. R. Turner, Chairman. 

President, Jones County Bank, Haddock. 

Composed of President, First Vice-President, Secretary, Treasurer 

and Chairman of Each Group. 



AMERICAN BANKERS' ASSOCIATION 

EXECUTIVE COUNCIL. 

JOS. A. McCORD, Vice-President Third National Bank, Atlanta, 1915. 

EUGENE W. STETSON, President The Citizens National Bank, 
Macon, 1916. 

JOHN K. OTTLEY, (ex officio) President Clearing House Section and 
Vice-President, Fourth National Bank, Atlanta. 

VICE PRESIDENT FOR GEORGIA— Z. H. Clark, Moultrie. 
Vice-President and Cashier, Moultrie Banking Co. 

MEMBER NOMINATING COMMITTEE— C. H. Lewis, Atlanta, Assist- 
ant Cashier, Central Bank & Trust Corporation. 

F. T. HARDWICK, Dalton, Alternate. President C. L. Hardwick & 

Co., Bankers. 

GENERAL COUNSEL— Orville A. Park, Macon. American National 

Bank Building. 



GROUP OFFICERS -1914-15 



GROUP I. 

Chairman — Abial Winn, Valdosta, Cashier First National Bank. 
Vice Chairman — C. Holmes Sheldon, Brunswick, Cashier National 
Bank of Brunswick. 

GROUP XL 

Chairman — J. G. Craft, Hartwell, Cashier Hartwell Bank. 

Vice Chairman — J. Frank Lee, Royston, Cashier Royston Bank. 

Secretary — L. R. Farmer, Louisville, Cashier Bank of Louisville. 

GROUP in. 

Chairman — T. J. Simpson, Rome, Vice-President Exchange National 
Bank. 

Vice Chairman — J. T. Duncan, Douglasville, President, Douglasville 
Banking Co. 

Secretary — H. Warner Martin, Atlanta, Assistant Cashier Lowry Na- 
tional Bank. 

GROUP IV. 

Chairman— Crawford Wheatley, Americus, Vice-President Commercial 

City Bank. 
Secretary — Thomas A. Dixon, Montezuma, Cashier First National 

Bank. 

GROUP V. 

Chairman — T. R. Turner, Haddock, President Jones County Bank. 
Vice Chairman — John H. Arnall, Tennille, Cashier Tennille Banking 

Company. 
Secretary — F. R. Nisbet, Macon, Assistant Cashier Citizens National 

Bank. 



HONOR ROLL PAST PRESIDENTS 

M. B. LANE Savannah 

*R. H. PLANT. Macon 

*T. B. NEAL Atlanta 

G. GUNBY JORDAN Columbus 

L. C. HAYNE Augusta 

♦JOHN A. DAVIS Albany 

•W. G. CANN Savannah 

J. G. RHEA Griffin 

F. T. HARDWICK Dalton 

P. E. MAY Augusta 

F. D. BLOODWORTH Savannah 

S. B. BROWN Albany 

MILLER S. BELL Milledgeville 

*JOSEPH T. ORME Atlanta 

JOHN H. REYNOLDS Rome 

JOSEPH S. DAVIS Albany 

HORACE A. CRANE Savannah 

E. D. WALTER Brunswick 

A. P. COLES Atlanta 

W. W. OSBORNE Savannah 

ROBERT F. MADDOX Atlanta 

BENJAMIN W. HUNT Eatonton 

LLEWELLYN P. HILLYER Macon 

♦Deceased. 



Registration of the Twenty-Third Annual Con- 
vention of the Georgia Bankers Association, 
Atlanta, Georgia, May 7-9, 1914. 



Abbott, W. W., President First National Bank, Louisville. 

Adams, S. W., Cashier Bank of Weston, Weston. 

Addy, W. A. Jr., Cashier Moreland Banking Co., Moreland. 

Alexander, J. F., Asst. Cashier American National Bank, Atlanta. 

Allen, S. H., Cashier Bank of Cumming, Cumming, 

Appleby, A. C, Cashier First National Bank, Jefferson. 

Arnall, J. H., Cashier Tennille Banking Co., Tennille. 

Ashburn, Howard, Cashier First National Bank, Moultrie. 

Ashley, D. C, President First National Bank, Valdosta. 

Ashford, C. A., Cashier Oconee County Bank, Watkinsville. 

Attaway, C. E., President First National Bank, Millen. 

Barksdale, R. O., President Citizens National Bank, Washington. 

Bates, F. H., Cashier Albany National Bank, Albany. 

Beauchamp, C. T., Cashier First National Bank, Jackson. 

Burnett, J. D., Cashier Bank of Sparta, Sparta. 

Benton, E. C, Cashier Bank of Cedartown, Cedartown. 

Benton, L. O., President Southern Securities & Financing Company, 

Monticello. 
Berry, F. M., Asst. Cashier Fourth National Bank, Atlanta. 
Birchmore, J. M., Cashier Bank of Gay, Gay. 
Birchmore, J. M., Mrs., Bank of Gay, Gay. 

Bishop, O. B., and wife, Cashier Bank of Adairsville, Adairsville. 
Black, E. D., Asst. Cashier Mitchell County Bank, Camilla. 
Blackmon, B. W., Cashier Bank of Kingston, Kingston. 
Blackwell, J. H., Cashier Bank of Elberton, Elberton. 
Blakely, B. R., President Savings Bank of Griffin, GrifRn. 
Blalock, A. C, President Bank of Jonesboro, Jonesboro. 
Blalock, A. O., Vice-President Bank of Fayetteville, Fayetteville. 
Blalock, J. T., President Southern Bank & Trust Co., Valdosta. 
Blalock, L. M., Asst. Cashier Bank of Jonesboro, Jonesboro. 
Blalock, W. J., President Fulton National, Atlanta. 
Blasingame, Josiah, President Bank of Jersey, Jersey. 
Bloodworth, F. D., V.-President National Bank of Savannah, Savannah. 
Blun, Henry, President Germania Bank, Savannah. 
Boyd, J. L.., Vice-President Peoples Bank, Waynesboro. 
Brand, L. M., Cashier Brand Banking Co., Lawrenceville. 
Brannon, L. G., Cashier Farmers & Merchants Bank, Georgetown. 
Brawner, E. L., Cashier Bank of Lumpkin, Lumpkin. 
Brinkley, W. G., Cashier Planters & Merchants Bank, Warrenton. 
Brown, B. D., Elberton. 

Brown, J. W., Cashier Bank of Locust Grove, Locust Grove. 
Brown, Rufus H., Cashier Georgia Railroad Bank, Augusta. 
Brown, S. B., President Exchange Bank of Albany, Albany National Bank, 

Albany. 
Burney, Glover M., Cashier Citizens Bank, Cochran. 
Burt, J. W., Cashier First National Bank, Colquitt. 
Busbee, T. P., President Planters Bank, Lilly. 

Caldwell, Jno. H., Cashier Hawkinsville Bk. & Tr. Co., Hawkinsville. 
Calhoun, J. S., President First National Bank, Cartersville. 
Camp, A. A., Vice-President Winder Banking Co. 
Carmichael, J. B., Cashier First Farmers Bank, Jackson. 
Carmichael, J. H., President First National Bank, Jackson. 
Chambless, E. F., Director Exchange National Bank, Fitzgerald. 
Chance, E. E., Vice-President Bank of Waynesboro, Waynesboro. 
Cheney, R. C, Director Shellman Banking Co., Shellman. 
Childers, S. J., Director The Farmers Bank, Milner. 
Childs, B. O., Cashier First National Bank, Senoia. 
Childs, M. N., Cashier Terrell County Bank, Bronwood. 
Childs, W. S., Director First National Bank, Senoia. 
Clark, W. J., Farmers & Merchants Bank, Loganville. 
Clark, Z. H., Vice-President and Cashier Moultrie Bkg. Co., Moultrie. 
Clarke, G. B., Cashier Citizens & Southern Bank, Savannah. 



10 PROCEEDINGS OF THE 



Clements, Walter M., Attorney Citizens Banking Co., Eastman. 

Cottin, N. C, President Farmers & Merchants Bank, Richland. 

Coleman, W. S., Vice-Pres. Farmers & Mechanics Bank, Cedartown. 

Comas, P. H., President Baxley Banking Co., Baxley. 

Combs, R. B., and wife, Stockholder Farmers Bank, Adairsville. 

Cooley, M. A., Cashier Kennesaw State Bank, Kennesaw. 

Cooper, L. J., President First National Bank, Waycross. 

Copelan, E. W., President Copelan National Bank, Greensboro. 

Copeland, H. J., Vice-President Bank of Henry County, McDonough. 

Copeland, S. S., Vice-President Bank of Bremen, Bremen. 

Craft. J. G., Cashier Hartwell Bank, Hartwell. 

Couch, M. H., Director Farmers & Merchants Bank, Senoia. 

Council. L. G., President Planters Bank, Americus. 

Cowart, J. W., Director Alpharetta Bank, Alpharetta. 

Culpepper, J. T., Pres. Citizens Banking & Trust Co., Thomasville. 

Curry, W. R., Vice-President First National Bank, Shellman. 

Dalton, Chas. F., Cashier Bank of Haralson, Haralson. 

Davant, W. M., Cashier Merchants National Bank, Savannah. 

Davis, H. W., Cashier Dowry National Bank, Atlanta. 

Davis, J. S., Vice-President Citizens First National Bank, Albany. 

Davis, R. R., Cashier Citizens Bank, Iron City. 

Dickson, J. B., Cashier Bank of Henry County, McDonough. 

Dixon, T. A., Cashier First National Bank, Montezuma. 

Drake, J. E., Cashier City National Bank, GrifRn. 

Donovan, W. O., President First National Bank, Vidalia. 

Duncan, Albert T., Teller City National Bank, Dublin. 

Dunson, J. E., President LaGrange Banking & Trust Co., LaGrange. 

Dunson, J. E., Jr., Asst. Cashier LaGrange Banking & Trust Co., LaGrange. 

Edmondston, Chas., Cashier Commercial Bank, Savannah. 

Edwards. L. F., Director Athens Savings Bank, Georgia National Bank, 

Athens. 
Elder, N. T,, Director First National Bank, Jefferson. 
Etheridge, F. S., President Jackson Banking Co., Jackson. 
Etheridge, W. L., Asst. Cashier Jackson Banking Co., Jackson. 
Everett, C. F., Secretary Continental Tr. Co., Atlanta. 
Fain, W. F., Ins. Dept. Citizens & Southern Bank, Savannah. 
Farmer, Ira E., Director First National Bank, Thomson. 
Farmer, L. R., Cashier Bank of Louisville, Louisville. 
Farmer, R. S., Bankers Trust Co., Atlanta. 
Faulkner, W. C, Cashier Planters & Citizens Bank, Camilla. 
Ferguson, I. F., Bank of Flowery Branch, Flowery Branch. 
Ficklen, Boyce, Asst. Cashier National Bank of Wilkes, Washington. 
Fielder, S. O., Cashier Bank of Villa Rica, Villa Rica. 
Fordham, B. B., Asst. Cashier Dublin & Laurens Bank, Dublin. 
Franklin, W. E., American National Bank, Atlanta. 
Freeman, J. E., Asst. Cashier First National Bank, Dublin. 
Fulcher, W. M., President Peoples Savings Bank, Waynesboro. 
Gait, Wm., Cashier Bank of Canton, Canton. 

Gardner, J. L., and wife, President Citizens Bank, Locust Grove. 
Gibbs, Robt. L., and wife, Asst. Cash. Habersham Bank, Clarkesville. 
Goodrum, T. M., Cashier Newnan Banking Co., Newnan. 
Gray, T. S., Cashier Union Savings Bank, Augusta. 
Gregory, T. H., President First National Bank, Vienna. 
Green. W. B., Cashier Fairburn Banking Co., Fairburn. 
Greene, John D., Jr., Asst. Cash. White Plains Bank, White Plains. 
Groover, B. H., Cashier The Tattnall Bank, Reidsville. 
Groover, S. C, Cashier Bank of Statesboro, Statesboro. 
Gwyn, C. R., Cashier Bank of Zebulon, Zebulon. 
Hale, B. F., Cashier Cherokee National Bank, Rome. 
Hall, J. E., Cashier Bank of Soperton, Soperton. 
Hall, L. C, Cashier Merchants & Farmers Bank, Milledgeville. 
Hammock, H. E., Vice-President Hammock-Rish Bank, Edison. 
Hardwick, F. T., Manager C. L. Hardwick & Co., Dalton. 
Harrell, H. L., Assistant Cashier Colquitt Natl. Bank, Colquitt. 
Harris, W. M., President First National Bank, Hampton. 
Harrison, W. N., Cashier First National Bank, Lavonia. 
Harvey, C. R., Cashier Bank of Campbell County, Fairburn. 
Harvey, D. N., Cashier Farmers National Bank, Monticello. 
Harwell, J. W., Assistant Cashier Bank of Newton Co., Covington. 
Hawes. W. D., Asst. Cash. Elberton Loan & Savings Bank, Elberton. 
Heard, P. E., Cashier Citizens Bank, Elberton. 
Heard, J. P., Cashier J. P. Heard & Sons, Vienna. 
Heffernan, J. W., Vice-President The Hibernia Bank, Savannah. 



GEORGIA BANKERS' ASSOCIATION 11 



Heinz, Henry C, Asst. Cashier Central B. & T. Corp., Atlanta. 

Henderson, E. L., Cashier Commercial Bank, Cedartown. 

Hill, H. W., Jr., Cashier Peoples Bank, Greenville. 

Hlllyer, L, P., Vice-President American National Bank, Macon. 

HInson, T. A., Director Bank of College Park, College Park. 

Hodges, D. Y., V.-Pres. Farmers & Merchants Bank, Loganville. 

Hodges, J. B., Cashier Farmers & Merchants Bank, Loganville. 

Hodgson, E. R., Jr., Director Georgia National Bank, Athens. 

Hood, C. J., and wife. Cashier Northeastern Banking Co., Commerce. 

Hood, Jno. G., Cashier Dacula Banking Co., Dacula. 

Holder, W. R., Cashier Farmers Exchange Bank, Stillmore. 

Holmes, Robert H., President Bank of Sparta, Sparta. 

Hollis. S. H., Assistant Cashier First National Bank, Sparta. 

Howard, Joe R., Cashier Citizens Bank, Wrens. 

Horn, J. L.., President Bank of Preston, Preston. 

Howard, Fred J., Cashier Bank of Dearing, Dearing. 

Hubbard, Geo. L... Cashier First National Bank, Commerce. 

Hunt, B. W., Vice-President Middle Georgia Bank, Eatonton. 

Hunter, H. P., Cashier First National Bank, Elberton. 

Ivey, G. H., Cashier Peoples Bank, Cecil. 

Ivey, M. L., Cashier Bank of Warwick, Warwick. 

Jackson, J. R., Cashier Bank of Shiloh, Shiloh. 

Jelks, N. A., Cashier Planters Bank, Hawkinsville. 

Jenkins, W. E., Cashier Bank of Preston, Preston. 

Jones, H. W., Assistant Cashier Bank of Campbell Co., Fairburn. 

Jones, Jas. M., President Merchants & Farmers Bank, Boston. 

Jones. P. W., Asst. Cashier Citizens First National Bank, Albany. 

Jones, R. H., V.-Pres. Farmers & Mechanics Bank, Cedartown. 

Johnson, J. E., V.-Pres. and Cashier Citizens Bank, Sandersville. 

Jorgenson, Frank, Cashier Jefferson County Bank, Wadley. 

Kelley, E. C, Cashier First National Bank, Monticello. 

Kennedy, Henry B., Cashier Fulton National Bank, Atlanta. 

Kennedy, J. S., Assistant Cashier Atlanta National Bank, Atlanta. 

Kilgore, G. H., Assistant Cashier Winder Banking Co., Winder. 

Kilgore, J. E., Bank of Auburn, Auburn. 

King, J. W., Cashier Citizens Bank, Hahira. 

King, Barrington J., Asst. Cashier Central B. & T. Corp., Atlanta. 

KIrkpatrick, F. M., Cashier E. Atlanta Bank, East Atlanta. 

Lane, M. B., President Citizens & Southern Bank, Savannah. 

Lanier, W. C, President First National Bank, West Point. 

Lee, J. F., Cashier Royston Bank, Royston. 

Lee, W. G., Dr., Director American National Bank, Macon. 

Leitner, J. D., Assistant Cashier Atlanta National Bank, Atlanta. 

Leonard, R. D., President Bank of Dallas, Dallas. 

Leonard, Paul A., J. P. Heard & Sons, Vienna. 

Lewis, Carl H., Assistant Cashier Central Bank & Trust Corporation, 

Atlanta. 
Lewis, Chas. B., and wife, V-Pres. Fourth National Bank, Macon. 
Lewis, L. E., Cashier Bank of Norwood, Norwood. 
Lewis, J. G., President Kennesaw State Bank, Kennesaw. 
Longino, G. F., Cashier Bank of College Park, College Park. 
Longino, J. H., Assistant Cashier Fairburn Banking Co., Fairburn. 
Lord, S. J., Cashier Dublin & Laurens Bank, Dublin. 
Lowry, Robt. J., President Lowry National Bank, Atlanta. 
Lyle, Chas. A., Cashier First National Bank, Carrollton. 
Lynch, S. H., Cashier Bank of Adrian, Adrian. 
McAlpin, M. C, Cashier Blackshear Bank, Blackshear. 
McClure. W, E., Assistant Cashier Kennesaw State Bank, Kennesaw. 
McCord, Jos. A., Vice-President Third National, Atlanta. 
McDaniel, C. T., Bank of Flowery Branch, Flowery Branch, 
McGinty, Stewart Asst. Cashier Fourth National Bank, Atlanta. 
McKenzie, G. C, Director Turner County Bank, Ashburn. 
McKnIght, J. C, Cashier Citizens Bank, Locust Grove. 
McLaIn, W. A., President City National Bank, Dawson. 
McNelce, Ellison, Cashier Yatesville Banking Co., YatesvIUe. 
McNulty, R. E., Cashier Commercial City Bank, Americus. 
McWhIrter, G. C, Cashier Macon Clearing House. 
McRae, O. F., Cashier Merchants Bank, McRae. 
Maddox. R. F., Vice-President American National, Atlanta. 
Magid, Louis B., L. B., Magid & Co., Atlanta. 
Mandeville, S. D., Cashier Bank of Wadley, Wadley. 
Manry. L. C, Cashier Bank of Edison, Edison, 
Martin, C. E., Cashier Citizens Bank of Fort Valley, Fort Valley. 



12 PROCEEDINGS OF THE 



Martin, H. Warner, Assistant Cashier Lowry Nat. Bank, Atlanta. 

Martin, J. E., Director First National Bank, Cuthbert. 

Matlieson, J. D., Vice-President ilartwell Bank, Hartwell. 

Matheson, K. E., Assistant Cashier Hartwell Bank, Hartwell. 

Maxwell, M. E., Vice-President First Nat. Bank, Elberton. 

Middlebrooks, H. L., Cashier First National Bank, Sparta. 

Miiiken, C. B., and wife. Cashier Bank of Flowery Branch. 

Miller, Norman C, Director Central Bank & Trust Corporation, Atlanta. 

Minor, E. A., President East Atlanta Bank, East Atlanta. 

Mitchell, G. H., Director Yatesville Banking Co., Yatesville. 

Mitchell, J. C, Yatesville Banking Co., Yatesville. 

Mobley, H. I., President Bank of Jackson Co., Jefferson. 

Mobley, H. T., Jackson County Bank, Jefferson. 

Morgan, Julius, President Pembroke National Bank, Pembroke. 

Morris, J. E., Cashier Bank of Dawson, Dawson. 

Mosely, B, H., Director Farmers & Merchants Bank, Toccoa. 

Moss, J. A., President Bank of Tignall, Tignall. 

Mullis, J. A., Cashier Farmers State Bank, Bartow. 

Murphy, J. K., Cashier Bartow Bank, Bartow. 

Murphy, Wm., Credit Dept. Citizens & Southern Bank, Savannah. 

Neal, J. T., President Bank of Thomson, Thomson. 

Nesbitt, R. C, Director Alpharetta Bank, Alpharetta. 

Nobles, \V. R., Cashier Farmers & Merchants Bank, Berlin. 

Norris, J. O., President DeKalb County Bank, Decatur. 

Oberry, B. G., President Merchants & Farmers Bank, Willacoochee. 

Oglesby, J. B., and wife. Cashier Bank of Powder Springs, Powder Springs. 

O'Neill, J. H., First Vice-President State Bank of Rome, Rome. 

Page, J. M., President, Commercial Bank, Dublin. 

Patillo, L. P., President Bank of Buford, Buford. 

Park, Orville A., Genl. Counsel Georgia Bankers' Association, Macon. 

Parks, W. B., Cashier Manufacturers National Bank, Newnan. 

Parsons, W. N., President First National Bank, Hawkinsville. 

Parsons, C. P., Bank of Flowery Branch, Flowery Branch. 

Passmore, A. P., Vice-President Bank of Weston, Weston. 

Paulk, M. J., President First National Bank, Ocilla. 

Peacock, C. H., President Citizens Banking Co., Eastman. 

Peacock, J. P., Vice-President Cochran Banking Co., Cochran. 

Peagler, H. J., Cashier Farmers & Merchants Bank, Butler, 

Peebles, I. F., Vice-President Farmers & Merchants Bank, Butler. 

Pendleton, E. A., Cashier National Exchange Bank, Augusta. 

Pendleton, Geo. B., Treasurer Trust Co. of Ga., Atlanta. 

Perkerson, W. T., Assistant Cashier Fourth National Bank, Atlanta. 

Persons, Robt. T., President Farmers Bank, Forsyth. 

Petty, H. A., President Terrell County Bank, Bronwood. 

Peyton, J. W., Cashier Cornelia Bank, Cornelia. 

Pharr, S. E., Director Dacula Banking' Co., Dacula. 

Pharr, Leroy, Vice-President and Cashier First National Bank, Eastman. 

Phillips, G. C, Treasurer Empire State Bank, Atlanta. 

Phillips, J. R., Attorney First National Bank, Louisville. 

Phillips, W. L., Vice-President, Bank of Louisville, Louisville. 

Pinkston, D. E., Cashier Bank of Parrott, Parrott. 

Pitts, J. E., Cashier First National Bank. Adel. 

Ponder, E. C, Vice-President Bank of Rutledge, Rutledge. 

Ponder, G. L., Bank of Rutledge, Rutledge. 

Pound, J. W., Bookkeeper Atlanta National Bank, Atlanta. 

Powell, Mike, President Coweta National Bank, Newnan. 

Powers, Jno. J., Cashier Exchange Bank, Savannah. 

Powers, R. C, Cashier Citizens Bank, Adrian. 

Prince, T. H., Cashier Citizens Banking Co., Eastman. 

Proctor, W. H., Cashier Bank of Emanuel, Swainsboro. 

Pulliam, J. B., Cashier Bank of Jonesboro, Jonesboro. 

Raines, Guy, Cashier First State Bank. Dawson. 

Ramspeck, E. "W., Special Rep. Lowry National Bank, Atlanta. 

Ray, F. N., Cashier Farmers Bank. Adairsville. 

Reagan, C. E., Cashier Bank of Rockdale, Conyers. 

Reid, P. M., Cashier First National Bank, Cuthbert. 

Reinhardt, J. L., Cashier Bank of Colbert, Colbert. 

Render, R. L., Cashier Bank of LaGrange, LaGrange. 

Re>Tiolds, W. M., Cashier Bank of Siloam. Siloam. 

Rich, P. D., President Colquitt National, Colquitt. 

Riley, R. G.. Director Exchange Bank, Albany. 

Roberts, L. G., Cashier Bank of Graymont, Graymont. 

Roberts, W. T., Cashier Bank of Gravson, Grayson. 

Roberts, G. M., Cashier Pendergrass Banking Co., Pendergrass. 



GEORGIA BANKERS' ASSOCIATION 13 



Rogers, H. B., Asst. Cashier Fourth National Bank, Atlanta. 

Ross, Jno. M,, Cashier Citizens National Bank, Macon. 

Rountree, Geo., Cashier First National Bank, Newnan. 

Rountree, S. S., and wife, President Bank of Quitman, Quitman. 

Sasser, J. A., Secretary Bankers Trust Co., Atlanta. 

Sasser, W. M., President Farmers & Merchants Bank, Tallapoosa. 

Scovill, W. C, Cashier Exchange Bank, Albany. 

Searcy, W. H., Cashier Citizens Bank, Cairo. 

Sears, F. C, Cashier First National Bank, Shellman. 

Sessions, Geo. H., Cashier Marietta Trust & Banking Co., Marietta. 

Saville, R. L., President Dawson National Bank, Dawson. 

Sharp, T. C, Cashier Bank of Leesburg, Leesburg. 

Sharpe, W. G., Cashier Citizens & Screven County Bank, Sylvania. 

Sheffield, Frank, Vice-President Bank of Commerce, Americus. 

Sheldon, C. H., Cashier National Bank, Brunswick. 

Shelton, J. L., Cashier Union Banking- Co., Douglas. 

Shingler, C. F., Director Turner County Bank, Ashburn. 

Shingler, W. G., Asst. Cashier Ashburn Bank, Ashburn. 

Simpson, T. J., Vice-President Exchange National Bank, Rome. 

Simms, A. B., Vice-President Fulton National Bank, Atlanta. 

Sims, G. S., Cashier Citizens Bank, CarroUton, Ga. 

Sinquefield, W. R., Asst. Cashier First National Bank, Louisville. 

Skinner, C. W., President Bank of Waynesboro, Waynesboro. 

Slicer, J. S., President Colonial Trust Co., Atlanta. 

Smith, A. W., Teller Bank of West Point, West Point. 

Smith, E. C, Cashier Griffin Banking Co., Griffin. 

Smith, E. M., President Bank of Thomasville, Thomasville. 

Smith, Geo. H., Vice-President Brunswick Bank & Trust Co., Brunswick. 

Smith, H. L.., Bookkeeper City National Bank, Dublin. 

Smith, J. H., Cashier Savings Bank of Griffin, Griffin. 

Smith, T. G., President Bartow Bank, Bartow. 

Snead, E. J., Cashier Woolsey Bank, Woolsey. 

Spence, O. C, Vice-President Bank of Whigham, Whigham. 

Spivey, H. D., Director Southern Securities & Financing Co., Monticello. 

Stanley, R. M., Director Dacula Banking Co., Dacula. 

Stanton, G. M., Cashier Citizens Bank, Douglas. 

Stapleton, E. B., Cashier Bank of Whigham, Whigham. 

Stephens, H. B., Cashier Wilkinson County Bank, Toombsboro. 

Stetson, E. W., President Citizens National Bank, Macon, 

Stewart, A. M., President Bank of Ellenwood, McDonough. 

Stokes, W. C, and wife. Cashier Citizens Bank, Moultrie. 

Stripling, D. C, Cashier Bank of Ball Ground, Ball Ground. 

Summerour, P. W., Cashier Bank of Norcross, Norcross. 

Taylor, S. J., Cashier Merchants & Farmers Bank, Davisboro. 

Taylor, W. D., V.-Pres. Farmers & Merchants Bank, McDonough. 

Tell, E. C, Cashier Bank of Cuthbert, Cuthbert. 

Thompson, C. S., Cashier Bank of Covington, Covington. 

Thompson, E. A., Cashier Jenkins County Savings Bank, Millen. 

Thompson, J. R. P., President Bank of Colbert, Colbert. 

Thomaston, W. H., Dir. Upson Bank & Trust Co., Thomaston. 

Thorpe, Courtney, V.-P. Savannah Banking & Trust Co., Savannah. 

Tilley, L. L,, Asst. Cashier Planters Bank of Parrott, Parrott. 

Tilley, J. N., President Planters Bank, Parrott. 

Tison, E. F., Cashier Exchange Bank, Cordele. 

Trammell, J. R., President Alpharetta Bank, Alpharetta. 

Trotti, E. D., Central Bank & Trust Corporation, Atlanta. 

Turner, H. J., President Farmers & Merchants Bank, McDonough. 

Turner, J, C, Cashier Jefferson Banking Co., Jefferson. 

Turner, R. L., V.-P. & Cash. First National Bank, McDonough. 

Turner, T. R., President Jones County Bank. Haddock. 

Tweedy, J. D., Director First National Bank, Shellman. 

Tyson, W. H., Cashier Jesup Banking Co., Jesup. 

Tyson, W. M., Cashier Bank of Adel, Adel. 

Vanlandingham, W. H., Bank of Donaldsonville, Donaldsonville. 

Venable, Wm. P., Atlanta. 

Walker, W. J., President Citizens & Screven County Bank, Sylvania. 

Walker, Jno. D., wife and daughter. President First National Bank, Sparta. 

Walker, B. S., President Bank of Monroe, Monroe. 

Walter, E. D., Exchange Bank, Rome. 

Wallace, W. P.. President Bank of Rutledge. Rutledge. 

Wardlaw, W. C., Robinson-Humphrev-Wardlaw Co., Atlanta. 

Watson, S. M., Cashier Colquitt National, Colquitt. 

Weathers, Dr. A. H., President W*^athers Banking Co., Dooling. 



14 PROCEEDINGS OF THE 



Wheatley, Jno. C, Broker, Atlanta. 

Wheeless, G, P., Cashier Farmers Bank, Milner. 

Wheeler, R. E., Cashier Sparta Savings Bank, Sparta. 

Wicker, J. J,, Cashier Mitchell County Bank, Camilla. 

Wilson, D. W., Cashier Bank of Duluth, Duluth. 

Wilson, R. D., Teller Fourth National Bank, Atlanta. 

Wilson, A. M., Cashier Bank of Pinehurst, Pinehurst. 

Wilson, A. M., President Dacula Banking Co., Dacula. 

Wilson, B. F., Cashier Bank of Hoschton, Hoschton. 

Wilkerson, J. E., Vice-President Bank of Thomson, Thomson. 

Williams, F, W., Asst. Cashier Luther Williams Banking Co., Macon. 

Williamson, W. H., President Bank of Bremen, Bremen. 

Williamson, W. P., Vice-President Sylvania Banking Co., Sylvania. 

Williamson, W. S., Cashier Sylvania Banking Co., Sylvania. 

Wisdom, Tom, President Bank of Chipley, Chipley. 

Witham, W. S., Jr., Treasurer Bankers Trust Co., Atlanta. 

Wommack, D. S. Cashier Farmers & Merchants Bank, Toccoa. 

Wood, V. B., Treasurer Alpharetta Bank, Alpharetta. 

Wooten, J. M., Vice-President Shellman Banking Co., Shellman. 

Wooten, Wm. C, Cashier Buena Vista Loan & Savings Bank, Buena Vista. 

Young, A. E., President Bank of Cedartown, Cedartown, 

Young, W. H., Asst. Cashier Third National Bank, Columbus. 

Young, A. I., Clerk, Third National Bank, Columbus. 

Young, H. L., Cashier First National Bank, Quitman. 

VISITORS. 

Allen Chas. G., and wife. Cashier Portland National Bank, Portland, Me. 

Augustine, W. F., Assistant Cashier Merchants National Bank, Richmond, 
Va. 

Bartlett, F. H., National City Bank, New York. 

Boiling, R. E., Assistant Cashier First National Bank, Baltimore, Md. 

Boyce, H. E., Partner Colston, Boyce Co., Baltimore, Md. 

Cambell, Alex D., Hanover National Bank, New York. 

Cannon, Jno. B., Cashier Bank of Spartanburg, Spartanburg, S. C. 

Currey, Bradley, Assistant Cashier Fourth and First National Bank, Nash- 
ville, Tenn. 

Dolittle, P. H., Secretary Citizens Trust Co., Utica, N. Y. 

Fant, J, Roy, V.-Pres. Nicholson Banking & Trust Co., Union, S. C. 

Farley, Louis B., wife and daughter, President New Farley National Bank, 
Montgomery, Ala. 

Fitchett, Thos. H., Secretary Mercantile Trust & Deposit Co., Baltimore, Md. 

Graham, Albert D., V.-Pres. Citizens National Bank, Baltimore, Md. 

Haas, H. J., Asst. Cashier First National Bank, Philadelphia, Pa. 

Haines, Wm. M., Asst. Cashier Citizens Central National Bank, New York. 

Hays, C. B., Manager Transit Dept. Merchants-Mechanics National Bank, 
Baltimore, Md. 

Hildt, Thomas, Cashier National Bank of Commerce, Baltimore, Md. 

Hillyer, Hansel!, Sou. Rep. Harris, Forbes & Co., Bankers, New York City. 

Houston, Frank K., Asst. Cash. Third National Bank, St. Louis, Mo. 

Jenkins, L. L., President American National Bank, Asheville, N. C. 

Jones, W. O., Vice-Pres. National Bank, New York City. 

Lane, Edward W., President Atlantic National Bank, Jacksonville. Fla. 

McAdams, Thos. B., V.-Pres. & Cash. Merchants National Bank, Richmond, 
Va. 

McCaskill, J. J., Pres. First National Bank, DePuniak Springs, Fla. 

Mooney, R. S., Vice-President Munsey Trust Co., Baltimore, Md. 

Norman, Dan, A.-Cashier, Continental & Commercial National Bank, 
Chicago. 

Owens, Herbert H., Assistant to President, Drovers & Mechanics National 
Bank, Baltimore, Md. 

Purdy, W. E., Asst. Cash. Chase National Bank, New York City. 

Rennie, T. H., Director First National Bank, Pell City, Ala. 

Risley, E. E., Rep. National Bank of Commerce, New York City. 

Roberts, Ernest, V.-Pres. Munsey Trust Co.. Baltimore, Md. 

Rossell, H. S.. Fourth National Bank, New York City. 

Smith, Wm. J., V.-Pres. Old National Bank, Battle Creek. Mich. 

Terrell, L. F., Manager Transit Dept. National State & City Bank, Rich- 
mond, Va. 

Thompson, R. M., Mutual Alliance Trust Co.. New York. 

Tilton, McLane, Jr., Secretary Alabama Bankers' Association, Pell City, 
Ala 

Todd, W. M., Braddock National, Braddock, Pa. 



GEORGIA BANKERS' ASSOCIATION 15 



Traylor, M. A., Vice-President National Stock Yards National Bank, E. St. 

Louis, 111. 
"Webb, T. D., Vice-President Fourth & First National Bank, Nashville, Tenn. 
Weiss, H. E., Bond Dept. Breed, Elliott & Harrison, Cincinnati, O . 

VISITORS OTHER THAN BANKERS. 

Adams, J. W., Burrough, Adding Machine Co., Atlanta. 

Andrews, C. H., Brandon Ptg. Co., Nashville, Tenn. 

Askew, J. A., Burroughs Adding Machine Co., Atlanta, 

Bansley, J. D., Accountant Joel Hunter & Co., Atlanta, Ga. 

Bedard, W. H., Wales Visible Adding Machine Co., Atlanta, Ga. 

Bedenbough, E. D., Atlanta, Ga. 

Blgham, J. W., City. 

Cain, Thos, E., Burroughs Adding Machine Co., Albany, Ga. 

Cahill, F. A., Wales Adding Machine Co., Atlanta, Ga. 

Cassels, Thos. G., Wales Visible Adding Machine Co., Atlanta, Ga. 

Caveness, R. O., Wales Visible Adding Machine Co., Atlanta, Ga. 

Cooper, John M., Foote & Davies Co., Atlanta, Ga. 

Copeland, S. D., Southeastern Printing Co., Atlanta, Ga. 

Cuyler, L. W., Dist. Mgr. The Protectograph, Atlanta, Ga. 

Dean, C. A., Georgia Sales Agent Dalton Adding Machine Co., Atlanta ,Ga. 

Duncan, J. D., Burroughs Adding Machine Co., Macon, Ga. 

Falkinburg, A. W., Manager Krueger Manufacturing Co., Bank Fixtures. 

Freeman, C. W., Manager, Mosler Safe Co., Atlanta, Ga. 

Gibson, J. A., The Falconer Co., Baltimore, Md. 

Gookin, W. C, Manager, Wales Visible Adding Machine Co., Atlanta, Ga. 

Greene, Geo. M., Sales Manager, Burroughs Adding Machine Co., Atlanta, 

Ga. 
Harralson, J. C, Dalton Adding Machine Co., Atlanta, Ga. 
Harvey, C. Harper, Columbus Office Supply Co., Demorest, Ga. 
Hook, D. R., Exhibitor, Atlanta, Ga. 
Hunter, Joel, Auditor, Atlanta, Ga. 
Johnson, W. Ezra, Bank Supplies, Newnan, Ga. 
King, A. R., Underwood Typewriter Co., Atlanta, Ga. 
McFerrin, Jno. D., Director, Brandon Ptg. Co., Nashville, Tenn. 
McKay, J. A., McRae, Ga. 

McKeel, Edgar, Young & Selden Co., Baltimore, Md. 
McRae, R. A., Printer, Griffin, Ga. 

Mearns, W. R., Ocean Ace. & Guar, Corpn., New York City. 
Miller, R. J., Wales Visible Adding Machine, Atlanta, Ga. 
Mills, G. R., Burroughs Adding Machine Co., Atlanta, Ga. 
Motte, R. S,, Wales Visible Adding and Listing Machine Co., Atlanta, Ga. 
O'Neill, Edwin F., Wales Visible Adding Machine Co., Atlanta, Ga. 
Owen, W. H., President, Bankers Safe & Vault Co., Atlanta, Ga. 
Peete, D. D., Burroughs Adding Machine Co., Atlanta, Ga. 
Perry, Boyd, General Agent National Surety Co., Atlanta, Ga. 
Reeves, R., Burroughs Adding Machine Co., Atlanta, Ga. 
Rollestone, M. M., Wales Visible Adding Machine Co., Atlanta, Ga. 
Tunnicliff, G. T., Burroughs Adding Machine Co., Atlanta, Ga. 
Waller, J. R., J. W. Burke Co., Macon, Ga. 
Wilson, Jas. W., Remington Typewriter Co., Atlanta, Ga. 
Womack, V. M., Joel Hunter & Co., Atlanta, Ga. 
Wood, Lyman P., Bank Publicity, Philadelphia, Pa. 
Woodward, A. S., Manager Addressograph Co., Atlanta, Ga. 
Worrill, E. H., Brandon Printing Co., Nashville, Tenn. 
Yopp, Jno. W., Southern Banker, Atlanta, Ga. 



16 



PROCEEDINGS OP THE 



Official List of Members 
GEORGIA BANKERS ASSOCIATION 

For Fiscal Year Ending June 30, 1914. 

GROUP I. 



Adel, Bank of 

Adel, First National 

Adrian, Citizens Bank 

Alamo, Bank of 

Alamo, Wiieeler Co. Bank 

Alma, Farmers & Mercliants 

Alapaha. Bank of 

Bainbridge, Bainbridge State Bank 

Bainbridge, Citizens Bank 

Bainbridge, First National Bank 

Baxley, Baxley Banking Co. 

Baxley, Citizens Banking 

Blacksliear, Blackshear Bank 

Blackshear, Citizens Bank 

Boston, Bank of 

Boston, Merchants & Farmers 

Broxton, Broxton Banking 

Brunswick, Brunswick B. «& T. Co. 

Brunswick, Glynn County Bank 

Brunswick, National Bank of 

Cairo, Cairo Banking Co. 

Cairo, Citizens Bank 

Cairo Farmers & Merchants 

Cecil, Peoples Bank 

Collins Bank of 

Darien, Darien Bank 

Donalsonville, Bank of 

Douglas, Bank of 

Douglas, Citizens Bank 

Douglas, Union Banking Co. 

Fitzgerald, Exchange National 

Fitzgerald, First National 

Fitzgerald, Third National 

Glennville, Glennville Bank 

Graymont, Bank of 

Guyton, Citizens Bank 

Hagan, Bank of 

Hahira, Bank of 

Hahira, Citizens Bank 

Hinesville, Hinesville Bank 

Homerville, Bank of 

Iron City, Citizens Bank 

Irwinville, Bank of 

Jesup, Jesup Banking Co. 

Jesup, Merchants & Farmers 

Lake Park, Lake Park Banking' Co. 

Lenox, Bank of 

Ludowici, Liberty Banking Co. 

Lyons, Farmers & Merchants 

Lyons, First National 

Lyons, Toombs County Bank 

Metter, Citizens 

Milltown, Bank of 

Milltown, Farmers «& Merchants 

Morven, Farmers & Merchants 

Nashville, Berrien Co. Bank 

Nashville, Farmers Bank 

Nashville, First National 

Naylor, Farmers Bank 

Nicholls, Merchants & Farmers 

Norristown, Bank of 

Ocilla, Citizens Bank & Trust Co. 

Ocilla, First National 

Odum, Odum Banking Co. 

Oliver, Peoples Bank 

Patterson, Patterson Bank 



Pavo, Bank of Pavo 
Pearson, Pearson Banking Co. 
Pembroke, Pembroke National 
Portal, Bank of 
Quitman, First National 
Quitman, Bank of 
Quitman, Citizens Bank 
Register, Farmers State 
Reidsville, The Tattnall Bank 
St. Mary's, Bank of Camden County. 
Savannah, Chatham Bank 
Savannah, Citizens & Southern 
Savannah, Citizens Trust Co. 
Savannah, Demere & Hammond 
Savannah, Exchange Bank 
Savannah, Ga. State Sav. Assn. 
Savannah, Commercial Bank 
Savannah, Germania Bank 
Savannah, Hibernia Bank of 

Savannah 
Savannah, Merchants National 
Savannah, National Bank of 
Savannah, Oglethorpe Sav. & Tr. 

Co. 
Savannah, Peoples Bank 
Savannah, Real Estate B. & T. 

Co. 
Savannah, Savannah B. & T. 
Savannah, Savannah Trust Co. 
Screven, Screven Banking Co. 
Soperton, Bank of 
Sparks, Bank of 
Springfield, Exchange Bank 
Statesboro, Bank of 
Statesboro, First National 
Statesboro, Sea Island Bank 
Stillmore, Bank of 
Stillmore, Farmers Exchange Bank 
Summit, Bank of 
Summit, Peoples Bank 
Swainsboro, Bank of Emanuel 
Swainsboro, Citizens Bank 
Sylvania, Citizens Bank 
Sylvania, Screven County Bank 
Sylvania, Sylvania Banking Co. 
Thomasville, Bank of 
Thomasville, Citizens Bkg. & Tr. 
Thomasville, First National 
Thomasville, Peoples Savings 
Tifton, The Bank of 
Tifton, National Bank of 
Uvalda, Uvalda Bank 
Valdosta, Citizens Bank 
Valdosta, Exchange Bank 
Valdosta, First National 
Valdosta, Merchants Bank 
Valdosta, So. Bk. & Tr. Co. 
Vidalia, Bank of 
Vidalia. Citizens Bank of 
Vidalia, First National 
Waycross, Citizens Bank 
TVaycross. First National 
Wesley, State Bank of 
Whigham. Bank of 
Wlllacoochee, Merchants & Farmery 



GEORGIA BANKERS' ASSOCIATION 



17 



GROUP II. 



Athens, American State Bank 

Athens, Anderson Banking Co. 

Athens, Athens Savings Bank 

Athens, Citizens Bk. & Tr. Co. 

Athens, Georgia National 

Athens, National Bank of 

Augusta, Citizens & Southern 

Augusta, Augusta Savings 

Augusta, John W. Dickey 

Augusta, Georgia Railroad Bank 

Augusta, Irish American 

Augusta, Merchants Bank 

Augusta, National Exchange Bank 

Augusta, Planters Loan & Sav- 
ings 

Augusta, Union Savings 

Avera, Avera Banking Co. 

Bartow, Bartow Bank 

Bartow, Farmers State Bank 

Bishop, Bishop Banking Co. 

Blythe, Farmers Bank 

Bogart, Farmers Bank 

Bowman, Bank of 

Bowman, Farmers Bank 

Brooklet Bank of 

Carlton Cariton Bank 

Carnesville, Bank of Franklin 
County 

Colbert, Bank of 

Comer, Comer Bank 

Comer, Peoples Bank 

Commerce, First National 

Commerce, Northeastern Banking 

Commerce, E. B. Anderson 

Crawford, Farmers Bank 

Danielsville, Bank of 

Dearing, Bank of 

Devereux, Bank of 

Elberton, Bank of 

Elberton, Citizens Bank 

Elberton, Elberton Loan & Sav- 
ings Bank 

Elberton, First National 

Girard, Bank of 

Gough, Bank of 

Greensboro, Copelan National Bank 

Greensboro, Greensboro National 

Harlem, Bank of Columbia Cty 

Harlem, Bank of 

Hartweil, Farmers & Merchants 

Hartwell, Hartweil Bank 

Hoschton, Bank of 

Jefferson, Bank of Jackson Cty 

Jefferson, First National 

Jefferson. Jefferson Banking Co. 

Jersey, Bank of 

Lavonia, Bank of 

Lavonia, First National 



Lexington, Oglethorpe County Bank 
Lincolnton, Bank of 
Logansville, Farmers & Merchants 
Logansville, Logansville Banking 

Co. 
Louisville, Bank of 
Louisville, First National 
Madison, Morgan County Bank 
Matthews, Bank of 
Maxeys, Bank of 
Maysville, Atkins National Bank 
Midville, Bank of 
Midville, Farmers & Merchants 
Millen, Bank of 
Millen, First National 
Millen, Jenkins County Savings 

Bank 
Monroe, Bank of 
Monroe, Farmers Bank 
Norwood, Bank of 

Pendergrass, Pendergrass Banking Co. 
Plainfield, Bank of 
Royston, Farmers Bank 
Royston, Royston Bank 
Rutledge, Bank of 
Siloam, Bank of 
Social Circle, Bank of 
Social Circle, Walton County Bank 
Statham, Bank of 
Thomson, Bank of 
Thomson, First National 
Thomson, McDuffie Bank 
Union Point, Bank of 
Union Point, Farmers Bank 
Vidette, Farmers Bank 
Warrenton, Citizens Bank of 
Warrenton, Planters & Merchants 

Bank 
Washington, Citizens National 
Washington, National Bank of 

Wilkes 
Washington, Washington Loan & 

Banking Co. 
Watkinsville, Oconee County Bank 
Waynesboro, Bank of 
Waynesboro, Citizens Bank 
Waynesboro, First National 
Waynesboro, Peoples Savings 

Bank 
White Plains, Bank of 
Winder, First National 
Winder, Winder Banking Co. 
Winder, Smith & Carithers 
Winterville, Pittard Banking Co. 
Woodville, Bank of 
Wrens, Bank of 
Wrens, Citizens Bank 



GROUP in. 

Acworth, The S. Lemon Banking Co. Atlanta, 

Adairsville, Bank of Atlanta, 

Adairsville, Farmers Bank Atlanta, 

Alpharetta, Alpbaretta Bank Atlanta, 

Atlanta, American National Bank Atlanta, 

Atlanta, Atlanta National Atlanta, 

Atlanta, Atlanta Trust Co. Atlanta, 

Atlanta, Bankers Trust Co. Atlanta, 

Atlanta, Central Bk. & Tr, Corp. Atlanta, 

Atlanta, Coker Banking Co. Co. 

Atlanta. Continental Tr. Co. Atlanta, 



East Atlanta Bank 
Empire State Bank 
Farmers & Traders 
Fourth National 
Fulton National 
Ga. Savgs. Bk. & Tr. Co. 
Lowry National 
Third National 
Travelers Bank & Trust 

Trust Co. of Ga. 



18 



PROCEEDINGS OF THE 



Atlanta, West End Bank 
Atlanta, J. H. Hiisman & Co. 
Atlanta, JLouis ii. Matjitl & Co. 
Atlanta, J. B. McCiary & Co. 
Atlanta, Thos. B. I'aine «& Co. 
Atlanta, liobinson, Humphrey, 

Wardlavv 
Auburn, Bank of 
Baldwin, Baldwin State Bank 
Baliground, Bank of 
Bethlehem, Bank of 
Blue Kidge, Noith Ga. National 

Bank 
Bowdon, Bank of 
Bowdon, Merchant & Planters 
Bremen, Bank of 
Brooks, Brooks Bank. 
Buchanan, Haralson County Bank 
Buckhead, Bank of 
Buford, Bank of 
Buford, Shadburn Banking Co. 
Calhoun, Peoples Bank 
Calhoun, Calhoun National 
Caution, Bank of 
Canton, Bank of Cherokee 
Canton, Farmers & Traders 
Carrollton, Citizens Bank 
Carrollton, First National 
Carrollton, Peoples Bank 
Cartersville, Bank of 
Cartersville, First National 
Cave Spring, Bank of 
Cedartown, Bank of 
Cedartown, Commercial Bank 
Cedartown, Farmers & Mechanics 
Chickamauga, Bank of 
Clarkesville, Habersham Bank 
Cleveland, Farmers & Merchants 
College Park, Bank of 
Conyers, Bank of 
Conyers, Bank of Rockdale 
Cornelia, Cornelia Bank 
Cornelia, First National 
Covington, Bank of Newton County 
Covington, Bank of 
Cumming, Bank of 
Cumming", Farmers & Merchants 
Dacula, Dacula Banking Co. 
Dahlonega, Bank of 
Dallas, Bank of 
Dalton, Bank of 
Dalton, First National 
Dalton, C. L. Hardwick & Co. 
Dawsonville, Farmers & Citizens 
Decatur, Bank of 
Decatur DeKalb County Bank 
Douglasville, Douglasville Banking 

Co. 
Douglasville, Farmers & Merchants 
Duluth, Bank of 
East Point, Bank of 
East Point, Citizens Bank 
Ellenwood, Bank of 
Ellijay, Gilmer County Bank 
Eton, Bank of 

Fairburn, Bank of Campbell Cty. 
Fairburn, Fairburn Banking Co. 
Fairmount, Bank of 



Fairmount, Fairmount Bank 

Fayetteville, Bank of 

Flowery Branch, Bank of 

Gainesville, First National 

Gainesville, Citizens 

Gainesville, Farmers & Merchants 

Gainesville, Gainesville National 

Gainesville, State Banking Co. 

Gillsville, Bank of 

Grantvilie, Bank of 

Grayson, Bank of 

Hampton, Bank of 

Hampton, i^'irst National 

Haralson, Bank of 

Jasper, IMckens County Bank 

Jonesboro, Bank of 

Kingston, Bank of 

Kingston, Citizens Bank 

LaFayette, Bank of 

LaFayette, First National Bank 

L.awrenceville, Brand Banking Co. 

L-ilburn, Bank of 

Mansfield, Bank of 

Mansfield, Peoples Bank 

Marietta, First National 

Marietta, Marietta Banking & Tr. 

Co. 
Marietta, Merchants & Farmers 
McDonough, Bank of Henry Cty. 
McDonough, Farmers & Merchants. 
McDonough, First National 
Moreland, Moreland Banking Co. 
Mt. Airy, Bank of 
Newborn, Bank of 
Newnan, Coweta National 
Newnan, Manufacturers National 
Newnan, Newnan Banking Co. 
Norcross, Bank of Gwinnett. 
Norcross, Bank of 
Palmetto, Bank of 
Powder Springs, Bank of 
Raymond, Bank of 
Ringgold, Bank of 
Riverdale, Bank of 
Rockmart, Citizens National 
Rome, American Bank & Trust Co. 
Rome, Citizens Bank of 
Rome, Cherokee National 
Rome, Exchange National 
Rome, First National 
Rome, National City Bank 
Senoia, ^Farmers «fe Merchants 
Senoia, First National 
Stockbridge, Bank of 
Stone Mountain, Granite Bank 
Summerville, Bank of Commerce 
Summerville, Chattooga County 

Bank 
Tallapoosa, Bank of 
Tallapoosa, Farmers & Merchants 
Toccoa, Farmers & Merchants 
Toccoa, First National 
Turin, Turin Banking Co. 
Union City, Farmers State Bank 
Villa Rica, Bank of 
Villa Rica, Merchants & Planters 
Woodstock, Bank of 
Woolsey, Woolsey Bank 



Albany, Albany National 
Albany, American Trust & Bank- 
ing Co. 



GROUP IV. 

Albany, Citizens First National 
Albany, Exchange Bank 
Albany, Georgia National Bank 



GEORGIA BANKERS' ASSOCIATION 



19 



Americus, Americus National 
Americus, Bank of Commerce, 
Americus, Bank of Southwestern 

Ga. 
Americus, Commercial City Bank 
Americus, The Planters Bank 
Arlington, Bank of 
Arlington, First National 
Ashburn, Ashburn Bank 
Ashburn, Citizens Bank 
Baconton, Bank of 
Benevolence, Bank of 
Berlin, Farmers & Merchants Bank 
Blakeley, Bank of 
Blakeley, Farmer State Bank 
Blakeley, First National 
Bluffton, Bank of 
Bronwood, Farmers Bank 
Bronwood, Terrell County Bank 
Buena Vista, First National 
Buena Vista, Buena Vista L, & S, 
Butler, Butler Banking Co. 
Butler, Farmers & Merchants Bank 



Junction City, Farmers & Merchants 
Kestler, Bank of 
LaGrange, Bank of 
LaGrange, LaGrange Bkg. & Tr. Co. 
JLaGrange, LaGrange National 
Leary, Bank of 
Leesburg, Bank of 
Luthersville, Luthersville Bkg. Co. 
Manchester, Bank of 
Marshallville, Citizens Bank 
Marshallville, Georgia Banking Co. 
Montezuma, First National 
Montezuma, Lewis Banking' Co. 
(Morgan, Bank of 
Moultrie, Citizens Bank 
Moultrie, First National 
Moultrie, Moultrie Banking Co. 
Newton, Baker County Bank 
Oakfield, Exchange Bank 
Ochlochnee, Bank of 
Odessadale, Odessa Bank 
Parrott, Bank of 
Parrott, Planters Bank 



Calvary, Planters Bank & Realty Co.peiham, Farmers Bank 



Camilla, Bank of 
Camilla, Citizens & Planters 
Camilla, Mitchell County Bank 
Carnegie, Bank of 
Coleman, Hammack Rish & Sons 
Colquitt, Colquitt National 
Colquitt, First National 
Columbus, Columbus Savings Bank 
Columbus, Fourth National 
Columbus, Home Savings Bank 
Columbus, Merchants & Mechanics 
Columbus, National Bank of 
Columbus, Third National 
Crosland, Bank of 
Cuthbert, Bank of 
Cuthbert, First National 
Dawson, Bank of 
Dawson, City National 
Dawson, Dawson National 
Dawson, First State Bank 
Doerun, Bank of 
Edison, Bank of 
Edison, Hammack Rish Bank 
Ellenton. Bank of 
Fort Gaines, Bank of 
Fort Gaines, First National 
Fort Gaines, Union Savinprs 
Franklin, Bank of Heard County 
Gay, Bank of 

Georgetown, Farmers & Merchants 
Hamilton. Bank of Harris County 
Hoaransville, Merchants & Farmers 
Bank 



Pelham, First National 

Plains, Citizens Bank 

Plains, Plains Bank 

Preston, Bank of 

Ray's Mill, Bank of 

Rebecca, Bank of 

Reynolds, Farmers & Merchants 

Reynolds, First National 

Reynolds, Reynolds Banking Co. 

Richland, Bank of 

Richland, Farmers & Merchants 

Sasser, Bank of 

Shellman, First National 

Shellman, Shellman Banking Co. 

Shiloh, Bank of 

Smithville, Bank of 

Sycamore, Bank of 

Sycamore, Planters 

Sylvester, Farmers & Merchants 

Sylvester, First National 

Sylvester, Sylvester Banking Co. 

Talbotton, Bank of 

Talbotton, Peoples Bank 

Thomaston, Farmers & Merchants 

Thomaston, Upson Banking & Trust 

Co. 
Warwick, Bank of 

Waverly Hall, Farmers Banking Co. 
Weston. Bank of 
T^^est Point, Bank of 
"V\^est Point, First National 
Woodbury, Woodbury Banking Co. 
Tatesville, Planters Bank 



Hogansville, Hogansville Banking Co.Yatesville, Tatesville Banking Co. 



GROUP V. 



Abbeville, Bank of 
Abbeville, King & Hamilton 
Alley, Montgomery County Bank 
Barnesville, Citizens Bank 
Barnesville, First National 
Byromville, Byrom National 
Byromville, Farmers & Merchants 
Byron, Farmers Bank 
Cadwell, Cadwell Banking Co. 
Cadwell, Citizens Bank 
Chauncey, Bank of 
Chester, Chester Banking Co. 
Cochran, Citizens Bank 



Cochran, Cochra^n Banking Co. 
Cochran, First National 
Cordele, Citizens Bank 
Cordele, Cordele National Bank 
Cordele, Exchange Bank 
Cordele, Farmers State Bank 
Culloden, Bank of 
Culloden, Merchants & Planters 
Denton, Bank of 
Dexter, Dexter Banking Co. 
Dooling, Weathers Banking Co. 
Dublin, City National 
Dublin, Commercial Bank 



20 



PROCEEDINGS OF THE 



Dublin, Dublin & Laurens Bank 

Dublin, First National 

Eastman, Citizens Banking Co. 

Eastman, First National 

Eastman, Merchants & Farmers 

Eaionton, Bank of 

Eatonton, Middle Georgia Bank 

Elko, Bank of 

Flovilla, Bank of 

Flovilia, \V. B. Dozier, Banker 

Forsyth, Farmers Bank 

Foryth, Bank of 

Forsyth, First National 

Forsyth, Monroe County Bank 

Fort Valley, Citizens Bank 

Fort Valley, Exchange Bank of 

Fort Valley, First National 

Glenwood, Farmers 

Gordon, Peoples Bank of 

Gray, Bank of 

Griffin, City National 

Griffin, Griffin Banking Co. 

Griffin, Merchants & Planters 

Griffin, Savings Bank of 

Haddock, Jones County Bank 

Hawkinsville, First National 

Hawkinsville, Hawkinsville Bank 

& Tr. Co. 
Hawkinsville, Planters Bank 
Hazlehurst, Citizens Bank 
Hazlehurst, Farmers State Bank 
Irwinton, Irwinton Bank 
Jackson, First Farmers Bank 
Jackson, First National 
Jackson, Jackson Banking Co. 
Jackson, Jackson National Bank 
Jeffersonville, Twiggs County Bank 
Jenklnsburg, Farmers Bank 
Lilly, Planters Bank 
Locust Grove, Bank of 
Locust Grove, Citizens Bank 
Lovett, Bank of 
Macon, American National 
Macon, Central Trust Co. 
Macon, Citizens National 
Macon, Commercial National 
Macon, Commercial & Savings 
Macon, Continental Trust Co. 
Macon, Leon S. Dure 
Macon, Fourth National Bank 
Macon, Plarrold Banking Svgs. Co. 



Macon, Luther Williams Banking' 
Co. 

Macon, Macon National 

Macon, Macon Savings Bank 

Macon, Merchants & Mechanics 
Savings 

Macon, Peoples Bank & Trust Co. 

McKae, Citizens Bank 

McRae, Merchants Bank 

MeansviUe, Bank of 

Milan, Bank of 

Milan, Farmers & Merchants 

MUledgevIlle, Exchange Bank 

MUledgevIUe, Merchants & Farmers 

MUledgevIlle, Mllledgeville Bank- 
ing Co. 

Milner, Farmers Bank 

Monticello, Farmers National Bank 

Monticello, First National 

Monticello, Jasper County Bank 

Perry, Houston Banking' Co. 

Perry, Perry Loan & Savings Bank 

Pinehurst, Bank of 

Pinehurst, Farmers & Merchants 

Pitts, Pitts Banking Co. 

Roberta, Bank of 

Roberta, Crawford County Bank 

Rockledge, Bank of 

Sandersville, Cohen National Bank 

Sandersvllle, Citizens Bank 

Sandersville, First National 

Sandersville, Warthen & Irwin 

Scott, Scott Banking Co. 

Sparta, Bank of 

Sparta, First National 

Sparta, Sparta Savings Bank 

Tennille, Peoples Exchange Bank 

Tennille, Tennille Banking Co. 

Toomsboro. Wilkinson County Bank 

Unadilla, Bank of 

Unadilla, Commercial Bank 

Vienna, Bank of 

Vienna, First National 

Vienna, J. P. Heard & Sons, 
Bankers 

Warthen, Farmers & Merchants 
Bank 

Wrightsvllle, Bank of 

Wrightsville, Exchange Bank 

Wrlghtsvine, First National 

Zebulon. Bank of 



■L ,'' 




L. G. Council, Amerieus, Ga. 
President. 



REPORT OF PROCEEDINGS 

OF THE 

Twenty -Third ^Annual Convention of the 
Georgia Bankers' Association, 

HELD AT 

The Piedmont Hotel, Atlanta, Georgia, May 7-8-9, 1914 



The twenty-third annual convention of the Georgia Bankers' As- 
sociation began on the evening of the 7th of May with the delight- 
ful Group Dinners served in the main dining room of the Piedmont 
Hotel. 

The members of the Association were seated at the tables set 
apart in Groups, and the opportunity was afforded the Bankers 
to mingle with their friends, and shake hands, and exchange greet- 
ings over the festal board, before entering upon the more serious 
work of the Convention the next day. 

The orchestra furnished delightful music, and the hall was turned 
over to the Bankers after the Group Dinners for an informal dance. 

The speakers from each Group were, beginning with the last an- 
nual session, given the high-sounding title of ''orator", and after the 
dinner was well advanced, President L. P. Hillyer rapped for order, 
and stated: ''The Chairman of Group 1 is Dr. J. T. Culpepper, of 
Thomasville, and Dr. Culpepper will now introduce to you the 
orator from Group 1''. (Applause). 

Dr. J. T. Culpepper: I am sorry that my train was a little late 
in coming in, and I assure you it is a hard matter to start at the 
wrong end of the program. However, I see my friend, Mr. Searcy, 
here, whom I always keep in store for speech-making, and, inasmuch 
as the orator of Group 1 has been prevented from attending tonight, 
I take pleasure in introducing to you Mr. W. H. Searcy, cashier Cit- 
izens Bank, of Cairo, who will fill his place and mine. (Applause). 

Mr. W. H. Searcy (Cairo) : I think the Doctor has taken undue ad- 
vantage of me tonight. I can only express to you our regret in not 
having Mr. Allen with us, because, personally I had expected to have 
a very rare treat in hearing Mr. Allen speak tonight. 

A gentleman here just a moment ago, sitting on my right, told this 
story: He said there was a colored minister, that was fixing to 



22 PROCEEDINGS OP THE 

preach, and he took for his text ''the devil goes about over the 
world like a roaring lion^'. He said *'We will divide this into three 
parts: First, what is the devil? Second, who is the devil? And, 
third, what in the devil is he roaring about?" 

So I am afraid that, if I spoke to you at length, you would hardly 
know what I was roaring about, and I will have to ask to be excused. 
(Applause). 

President Hillyer: I will now introduce to you Mr. J. T. Neal, 
of Thomson, Ga., chairman of Group 2, who will present the orator 
of that Group. 

Mr. J. T. Neal (Thomson) : I take pleasure in introducing Mr. 
R. 0. Barksdale, president of the Citizens National Bank of Wash- 
ington, the orator of Group 2. 

Mr. R. 0. Barksdale (Washington) : It's a nice thing to be called 
an ''orator", but we don't want to be told how much oratory a fellow 
has in his system; we want to be told how much money we can 
afford to lend on a blind mule, and we want to be told how, when 
we have loaned a man money, and afterwards had to turn his check 
down, how that can be done, and at the same time figure on getting 
the money back we have already loaned him. That's the kind of 
speeches we need, and that's the kind of speeches we country bank- 
ers want to hear. 

It seems to be in style to tell stories, and I will tell you one 
joke. (You are getting off light). I was coming up today with a 
batch of strawberries, that I wanted to bring to a sick friend in At- 
lanta, and I struck a conductor on a Pullman car, and he wanted 
to know what those strawberries were worth. " Oh ", I said, ' ' about 
twenty cents a quart". He said "Well, you could get a heap more 
than that for them in Atlanta". I said that reminds me of a little 
boy down in my town, who had a string of fish he wanted to sell. 
A banker asked him what he wanted to sell them for, and he said 
he would sell them for a quarter. "Why", he said, "if you had that 
string of fish up in Atlanta, you could get a dollar for them". He 
looked up and he says "Yes, and if I had a bucket of water down 
in hell, I expect I could get a million dollars from some of you 
bankers for it." (Laughter and applause). 

President Hillyer: Mr. Carl H. Lewis, chairman of Group No. 
3, will now introduce the orator for Group 3. 

(The applause was deafening, and Mr. Lewis could not 
start at once. In fact it was several minutes before he 
could say a word. Finally he started off). 



GEORGIA BANKERS' ASSOCIATION 23 

Mr. Chairman, Ladies and Gentlemen: Athens had her Demos- 
thenes (Prolonged cheering and wild applause) ; Rome had her 
Cicero (wild cheers) ; England had her Gladstone (Prolonged cheer- 
ing), but Group 3 claims the grand old name of Goodrum, and I am 
pleased to introduce to you Mr. Thomas M. Goodrum, cashier of the 
Newnan Banking Company, who will now address you. (Applause). 

Mr. T. M. Goodrum (Newnan) : 
Mr. Chairman, Ladies and Gentlemen: 

At a recent meeting of our Group I was officially designated as 
orator for this occasion. 

I think that 'ere I am through you will agree with me that such 
a title in this case is a misnomer. I further wish to disabuse your 
minds of any intention to seriously consider myself in this role and 
assure you that I shall not be like the fellow who asked for the 
makings of a smoke, then asked that it be rolled, then asked for a 
match, when his friend remarked ''well, you haven't anything but 
the habit". 

I shall trespass upon your valuable time but a few minutes for 1 
shall remember the admonition of one of my directors who said 
when I told him of my predicament; ''Just remember that a banquet 
speech is like a wagon wheel — the longer the spoke the greater the 
tire''. 

Gentlemen, we, who live in the Empire State of the South are 
truly fortunate. 

With the inexhaustable mineral resources of the mountains, her 
unlimited forests, the unmeasurable water power of her streams, her 
furnaces and factories, her rich and fertile fields wherein anything 
needful to man's wants will grow, Georgia stands first in production 
in the Southern States and fourth in the United States. 

Of this we are truly proud, but let us not look at half the picture. 
The production of our great State is disproportionate to our wealth. 
Why is this? 

The Georgia State Chamber of Commerce has answered this by es- 
tablishing the lamentable fact that we send out of the State every 
year for food products more than the entire bank deposits of the 
State. 

Think of it, men of Georgia, seven-eighths of our annual production 
going to the coffers of other States to feed us, when we can produce 
here practically everything we need and to spare. 

I wish to say to you tonight, most earnestly, that we bankers of 
the State, leaders of thought and material prosperity in every com- 



24 PROCEEDINGS OF THE 

munity can do much towards damming up this torrent of wealth which 
is pouring out of our State annually, causing it to spread throughout 
our State, bringing joy, happiness and plenty to all our people. 

Let us look this great issue squarely in the face. The farmer is 
not solely to blame. He, of necessity, has been compelled to pro- 
duce that from which he could realize money, and realize it quick. 

With his rent, with his supplies payable only in one commodity, 
with that commodity, the only thing he could hypothecate at his bank 
and borrow on, we cannot blame him for raising only this and trust- 
ing to buying on credit the necessities of life for another year. 

Let every banker in his community lend his every effort towards 
aiding in the emancipation of our people from the burdens placed 
by necessities upon them and let us do what we can in co-operation 
with the State Chamber of Commerce and the business interests of 
this State, to induce all our people to raise not only cotton, the God- 
given monopoly of this garden spot of earth, but raise the necessi- 
ties of life, live at home, and to this end, if necessary, aid in some 
plan which will give the producer of wealth the opportunity and 
ability to use his surplus of these necessities as a basis of credit in 
bonded ware-houses, elevators or some other methods along sane and 
sound and conservative lines and we will have done much towards 
the material prosperity of the people of our State. 

Then we will place Georgia's star in the foremost rank commer- 
cially in the galaxy of this nation. 

Gentlemen, I affirm with pardonable pride that it has been partly 
through the efforts of the Georgia bankers that we have caused 
an awakening of the dormant interest in our State's natural resources 
and my hope is, that this, the Gate City of the South will prove for 
Georgia the Banyan tree of Prosperity. 

May this convention, when it shall have adjourned be the source 
from which we will gather inspiration that will redound to the ma- 
terial welfare of our State. 

May our balances with our hosts be of such magnitude that their 
colossal financial institutions will not to us be a thing apart, but be 
to us a source of pride, pleasure and profit. (Applause). 

President Hillyer: As Mr. Hale, the chairman of Group 4, is ab- 
sent. I take pleasure in introducing the next orator — the orator of 
Group 4 — Judge A. W. Cozart, a distinguished member of the Colum- 
bus bar. (Applause.) 

Judge A. W. Cozart (Columbus) : Mr. President and Gentlemen 
of the Georgia Bankers' Association: Some years ago I went down 



GEORGIA BANKERS' ASSOCIATION 25 

to Florida for the purpose of delivering an address at a Chatauqua, 
and, when I walked into the rotunda of the hotel, the Committee 
came, and they walked around, and they looked around, and they 
had a sort of a vacant stare, and finally one of them wanted to know 
if the Honorable Abram Whiteneck Cozart was in. Having been 
heralded and talked about by some newspapers he thought he must 
be some guy of gigantic proportions. After so long a time I said 
*'Yes sir, I am he'\ He looked at me from head to foot, and he 
says ''Well, I'll be damned". (Applause). It always embarrasses 
me to go into a strange community, and introduce myself, because I 
know, if they don't say those naughty words, they are thinking them 
just the same. (Laughter). 

Now, I am not going to consume much of your time. I too, came 
in on a late train, that had an accident, and it seems that every 
train that came to Atlanta to this dinner tonight was adverse to 
it. 

They say that Senator Morgan was once asked how long he could 
make a speech on a subject, that he didn't know anything about at 
all. He said, ''Well, if I didn't know anything about it at all, I 
expect I could speak on it for about three days". (Laughter). 
Now, ' ' brevity is the soul of wit ' ', and the best story I ever heard to 
illustrate that proposition was this: They say some fellows went 
out from Vermont to Kansas, and one of the rules of the colony was 
that they were to be very brief about everything. One day two of 
them met, and this dialogue occurred : 

'Mornin', Si. 

'Mornin', John. 

What do you give your horse for the botts? 

Turpentine. 

Thanks. Good mornin'. 

Next day they met, and the following dialogue took place: 

'Mornin', Si. 

'Mornin', John. 

What did you say you give your horse for the botts, John? 

Turpentine. 

It killed mine. 

Mine too. Good mornin'. (Applause). 

Now I don't want you all to say of me what an old parrot said 
on one occasion. A man had this parrot, and the parrot had heard 
the children say "Yonder comes Grandma; I wish she would die" 
until the parrot took it up. This worried the old woman very much. 



2G PROCEEDINGS OF THE 

and she took her troubles to her pastor, as she ought to have done, 
and as all good people do. The pastor said ''I have got a holy par- 
rot, and suppose I send my holy parrot over to your house, and let 
him associate with your parrot a while, and he will teach him bet- 
ter manners". They sent him over, and pretty soon the old lady 
came in, and the naughty parrot said ^'Yonder comes Grandma; 
I wish she would die". The holy parrot then said ''Oh Lord, do 
Thou hear us and grant our petitions". (Applause). Now I don't 
want you to say that about me the next time you see me, but, gentle- 
men and ladies, judging the future by the past, you will never see 
me or hear of me again. 

I once heard Henry Watterson say that the two greatest financiers 
this country had ever seen were Daniel Webster and John G. Carlisle, 
neither one of whom ever had a dollar in their lives. They believed 
that money was made round in order that it might roll, and they 
rolled it, but the present Secretary of the Treasury, Mr. McAdoo, 
who married today, the daughter of a Georgia w^oman (and he is a 
Georgia man) is not like those other Secretaries of the Treasury, 
who went before him, John G. Carlisle and Daniel Webster, but he 
is a man of business ability and capacity, and he loves the South, 
and will see to it that in financial matters the South, and especially 
Atlanta, gets a square deal. (Applause). I heard Mr, McAdoo say 
a few months ago, when he was in New York, a world of complimen- 
tary things about the South, and how he was a Southerner, and how 
he loved the South, and what the South could raise and what the 
South could do, and some of those Yankees said ''Well, why in the 
h~ll don't you go on back there"? He says "I will, just as soon 
as I get some of that money that you dam Yankees stole from us." 
(Applause). I say he will see to it that we get a square deal. 

Now, gentlemen, there are a good many young men within the 
ranks of the banking fraternity — I have been a near-banker for a 
long time, and I am not near as young as I look^ — and I want to 
give you some maxims to carry home with you: 

First, to be an all-round man you must be square. 

Second, the door leading to success is marked *'Push", but every 
door marked "Push" does not lead to success. 

Third, when a man begins lying, he loses his standing. 

Fourth, he who is not willing to perspire, need not aspire. 

Fifth, in the moral sense to beat the devil means to get ahead 
of the devil and run like the devil. 

Cervantes said some four hundred years ago through his Don 



GEORGIA BANKERS' ASSOCIATION 27 

Quixote that '^Honesty is the best policy", but Arthur Whatley says 
that he, who acts upon that principle, is not an honest man. There 
is, my friends, such a thing as National honesty, and that's the way 
to pronounce it, ' ' Naytional, " says John J. Ingalls, and I reckon he 
knew. There is a National honesty, that is natural, like the French 
are naturally polite. You go to a Frenchman, and tell him some 
great big lie, and he might know you are lying, but he won't say 
you are lying; he'll say ''Mine friend, no doubt what you say iss 
true, but God knows it iss impossible!" 

The Chinese are a naturally and Nationally honest people. Wu 
Ting Fang said some years ago in New York at a dinner that a cer- 
tain banker, who is the president of the Hong Kong and Shanghai 
Bank, had transactions amounting in the aggregate to millions of 
dollars with the merchants of China, and that he had been at the 
head of those two banks (or of that bank, whichever it happens to 
be) for a quarter of a century, and that he had never lost one penny 
upon any merchant of the Chinese nation. 

The English are a naturally honest people. It is an English trait 
and always has been. No stain, so far as virtue or honesty goes, 
has ever been put upon the Rothschild's name from the foundation 
of that family down to the present time, and soon they will be worth 
five hundred thousand million dollars! Think of it, and not a dis- 
honest penny ! ! ! That 's a National trait, and they set a good ex- 
ample. 

What do you say about our own country? I am not going to 
villify ourselves, but I tell you this in order that we may learn a les- 
son from it, and nobody ought to learn it more so than we lawyers 
and bankers. Mark Twain says there are 869 different kinds of 
liars. Most people think most of them are lawyers and bankers, but 
I am going to tell what else has been said about Americans. They 
say we are naturally a nation of thieves. They say go to a bank, 
and you will find iron bars and a pistol and a safe and a vault to 
keep anybody from stealing from the outside, and you go inside and 
you'll find the cashier under a great big bond to keep him from 
stealing on the inside. The depositor is like the man that had 
swallowed the egg — ''if I move, it will break, and, if I don't, the 
darned thing will hatch'*. (Laughter and applause). Then go away 
from the bank, and get on a street-car. The conductor has got to 
ring the fares up here, and there's a spotter sitting over there to 
report him, if he don't ring them up. Go into a drygoods store, 
and you will find a National Cash Register there to keep some fellow 



28 PROCEEDINGS OP THE 

from stealing. And so it goes. We have been accused of being a 
nation of theives. Now, I don't say that; I have never said anything 
of the kind; but these things are indicative of the fact that we are 
not as honest as the heathen Chinese, or as the English people are, 
as a Nation. The one thing to preserve is personal integrity and 
National honesty, and that's the one thing which will settle all 
financial questions. 

Now, friends, it is very pleasing to talk here, and I would like 
to talk a week, but I have about occupied my time, and I will quit. 
I thank you. (Applause). 

President Hillyer: Before introducing the next chairman, I wish 
to make an announcement. The Executive Council will please meet 
in Room 117 immediately after the adjournment of this dinner. 

I now take pleasure in introducing to you Mr. Charles B. Lewis, 
of Macon, chairman of Group 5, who will introduce the next orator. 

Mr. Chas. B. Lewis (Macon) : Mr. Chairman, Ladies and Gentle- 
men; We are last but by no means least. At the annual meeting of 
Group 5 two years ago in Macon one of our members had occasion 
to make a short impromptu talk, and he so impressed the members 
of Group 5 that they placed him on the program for this year. At 
the conclusion of our meeting this year in Macon it was the unani- 
mous opinion that he should represent Group 5 as orator at this time, 
and it gives me great pleasure to introduce to you, Hon. Robert T. 
Persons, president of the Farmers Bank of Forsyth, and orator of 
Group 5. (Applause). 



GEORGIA BANKERS' ASSOCIATION 29 

First Day 

MORNING SESSION— May 8th, 1914. 

The first business session of the Association was called to order at 
10:00 o'clock on May 8th, 1914 in the Convention Hall of the Pied- 
mont Hotel by President L. P. Hillyer, of Macon. 

President Hillyer: The first session of the twenty-third annual 
Convention of the Georgia Bankers' Association I now declare to be 
open. We will have the invocation by the Rev. W. W. Memminger, 
Rector of All Saints Episcopal Church of Atlanta. We will please 
rise. 

INVOCATION. 

Almighty and Everlasting God, in whom we live and move and 
have our being, look favorably, we beseech Thee, upon this Conven- 
tion here assembled. May its deliberations be productive of the 
greatest possible benefit, and with wise discretion directed toward 
the general material welfare of all Thy people. 

Grant Thy blessing upon all its members; give them strong con- 
victions, strong personal integrity and influence, and such boldness 
in doing right that their motives and their examples may never be 
questioned. 

So direct them that they may through their dealings exemplify 
the consistency of the Christian religion, and always give the first 
place to Thy law and Thy commandments. Through their exemplary 
lives may Thy Church be honored, and many souls be turned to 
righteousness, through Jesus Christ, Our Lord. Amen. 

President Hillyer: It gives me much pleasure to introduce to you 
the Hon. John M. Slaton, Governor of Georgia, who will deliver the 
address of welcome. (Applause). 

ADDRESS OF WELCOME BY THE GOVERNOR. 

Mr. President and Gentlemen : While I was coming up, one of the 
gentlemen, who did not know me, nor the purpose of my coming, 
asked what position I occupied, if I were a banker. I told him that 
I was not, that I was a borrower. Another one said that, that being 
the case, I was probably more in the habit of speaking to the bank- 
ers individually than collectively. That really is the attitude that 
I generally have occupied. (Laughter). 



30 PROCEEDINGS OF THE 

Now, in making these speeches, gentlemen, the one who welcomes 
usually has something humorous to say. I never tried that on a 
banker but once. I was introduced to the cashier of a National bank 
of New York by the president of the Atlanta bank with which I deal, 
and jocularly I said to him that I kept my overdraft with the gentle- 
man, who introduced me. The moment I said that this cashier of 
the New York bank moved away from me as if I had the itch. I 
have been fearful ever since to say anything to a man with money 
in a humorous vein. 

Nearly everything, however, now seems to be measured by its 
value in money. Mr. Maddox of course, may have understood all 
these grand operas, but I was sitting by him during grand opera 
last week, and, in order to impress upon me how splendid a song was, 
he said 'Mo you know that man got $3,000.00 for singing that song?" 
So I knew it was splendid. That was the way Mr. Maddox estimated 
it. Why, I read the other day that a lady in Chicago called on a 
lawyer, and told him that she was in a great deal of trouble. ''What's 
the matter?" asked the lawyer. "I have got three gentlemen, who 
are asking me to marry them". "Well", the lawyer said, "how 
much money have they got? Who has got the most?" "If I knew 
that," she said, "there would be no need of my going to a lawyer". 
(Applause). 

Gentlemen, seriously you gentlemen perform a function in the 
State and in the Nation of great moral value as well as material 
value. We have got all sorts of fads; we have got all kinds of 
theories, but you gentlemen finally go back to the old principle, and 
of all men in all kinds of business you have learned the principle 
that the commonplace of life, the commonplace philosophies of life, 
are the eternal things. The fads are the things of the day. In 
looking over the State affairs, I find that it is necessary to teach 
people — that's a function, your function particularly — I find its 
necessary to teach people the value of a dollar. Its often a habit 
to criticize money, but, when looked at aright, a dollar represents 
labor; it represents sacrifice; it means toil; it means prudence; it 
means giving up the pleasure of to-day for independence tomorrow. 
That money, which people criticize, can be transformed into so much 
usefulness ; it may build enterprises ; it may aid in constructive work ; 
it may enable the development of so many of the opportunities that 
lie about us; but at the same time the banker must exercise wise 
judgment to see that that money is wisely expended. While we talk 
of making debts so easily, you gentlemen understand that there is 



GEORGIA BANKERS' ASSOCIATION 31 

a pay-day coming; you know that there is a time when the money 
that is spent today must be given back. That is a lesson, which it 
is wise for all the people of this State to learn, for people to thor- 
oughly understand that they must carry out their contractual obliga- 
tions, and, when they sign their notes and borrow money, they pledge 
their personal integrity. When the State borrows money, it pledges 
the integrity of the citizens of the State. 

To no body of men would I speak of a desire to aid in the finances 
of the State with greater confidence of receiving their support than 
you gentlemen. It is impossible for you to divorce yourselves from 
the general prosperity of the community and of the State. You 
must take an interest in the farmer, and see that he sows and reaps 
wisely. You must be the aid, guide and friend of the merchant to 
see that he purchases on good terms, and that he is able to pay, 
when the money comes due. 

As to the State of Georgia, you gentlemen have seen the sugges- 
tion made that more money is being appropriated than the revenue. 
You understand that that means disaster. You understand that the 
only thing that can be done under such circumstances is either to 
cut the appropriation or raise the revenue. That's the only chance 
left, and particularly, when you come to sell the bonds of the State, 
must our people have learned that lesson, for the bonds of the State 
must be sold to people, who, just as you bankers demand a statement 
from borrowing customers, want to know what is the condition of 
the State of Georgia. We cannot, because we are a State, do as I 
heard of one man doing, who said that, when he owed a debt, he gave 
his note for it and the thing was paid. 

It is necessary for the State to understand this proposition, and that 
the citizens should be educated upon it, and you gentlemen are the 
educators along that line. Representing, therefore, the useful con- 
servative element of the State, representing those people who stand 
for old principles, representing adherents to old common sense prin- 
ciples, representing the foundation stone upon which the State can 
be constructed and flourish, representing those principles on which 
the State's prosperity can alone reach its greatest height; and re- 
presenting the best of its citizenship, I take pleasure in welcoming 
this body. (Applause). 

President Hillyer: Captain F. D. Bloodworth, the vice-president 
of the National Bank of Savannah, will deliver the response to the 
address of welcome. 



32 PROCEEDINGS OP THE 

RESPONSE TO ADDRESS OF WELCOME. 

Mr. President and Gentlemen : As a part of a program of personal 
reform, I had decided not to be ** reminded of a story'' on this 
occasion, but there is one, which occurs to me, that has such a 
good application to the time occupied in speech-making on the first 
day of our sessions, that I will tell it to you now. I recently told 
it in Brunswick, but it will doubtless bear repetition. An Irishman 
had heard a very earnest sermon on the judgment. He was told 
that everybody would be there. He was interested, and he after- 
wards sought out the priest, and asked *' Father, you say that every- 
body will be at the judgment?" ''Yes." ''Will the Holy Apostles 
be there T ' " Yes. " " Will the blessed Saints be there V " Yes. ' ' 
"Will the A. P. A.'s be there?" "Yes." "Will the Ancient 
Order of Hibernians be there?" "Yes." "Well then there'll be 
damned little business transacted the first day." (Laughter and 
Applause). 

Since it was announced that Atlanta was to be our host on this 
occasion the bankers of Georgia have been looking forward to 
the meeting with pleasurable anticipation. Your royal hospitality 
on the occasion of our last meeting with you is a matter of deilght 
ful memory, and this occasion is made more interesting by reason 
of the fact that Atlanta is to be the home of one of the Federal 
Reserve Banks, which means of course that the relations of the 
bankers of Georgia, and in fact the bankers of this entire District, 
will be more intimate with this city than heretofore. 

We appreciate the cordial welcome, which has been extended to 
us by one who honors the great office which he so worthily fills, and 
I am sure that I voice the sentiment of my associates when I say that 
we all hope that there are further honors in store for him. (Ap- 
plause). 

I am one of the few, if not the only one now present, who saw 
Atlanta in her day of desolation. I am therefore disposed to be 
reminiscent, although not unmindful of the saying of some cynic 
that, when a man reaches the reminiscent stage, it marks the de- 
cline of his power. Returning from the field nearly fifty years ago 
I passed through Atlanta, and saw the city in ruins. Hardly a 
business house remained, and but few residences. On every hand 
blackened walls and heaps of ashes marked the places where once 
had stood business houses and homes. The product of years of toil 
had been destroyed, but the work of restoration was taken up with 




F. S. Ethehidge, Jackson, Ga. 
First A''ice-Presi<ient. 



GEORGIA BANKERS' ASSOCIATION 33 

brave hearts and busy hands. The progress at first, of course was 
slow, but it gathered momentum with the years, and soon advanced 
by leaps and bounds, and I venture to say that the growth of Atlanta 
has surprised its most optimistic builders. A short residence in the 
city after the close of the war enabled me to be a witness at the 
beginning of the restoration. As I have said, progress was slow at 
first, but soon advanced by leaps and bounds, and I have watched 
with great interest that progress, which has resulted in a city the 
fame of which has gone around the world and which is now the 
pride of all Georgia, and the adjoining State of Chatham. (Applause 
and laughter). 

I trust it is not improper for me to say here and now — I am 
speaking for myself alone — that the Atlanta spirit, which has made 
possible the Atlanta of today, was engendered and kept alive by 
that element of your citizenship, which has always led in every ef- 
fort for the advancement of the city, which has always stood for the 
sane and conservative administration of the law as opposed to fanati- 
cism and hysteria, and which is now united in an effort to condemn a 
propaganda, which holds out Atlanta as a place of sin and degrada- 
tion. 

We meet on the eve of the inauguration of a new banking system, 
which we have every reason to believe will cure the defects of the 
old, and afford the facilities for commerce which the banker can 
freely give, even in time of stress, without ever having before him 
the danger of panic and the consequent destruction of values. That 
we may confidently look forward to that period of expansion and 
new enterprise conceived by the President in his message to Con- 
gress, I think I may safely pledge the loyal co-operation of every 
banker in Georgia in making this propaganda a reality. (Applause), 

President Hillyer: Please listen to the following telegrams, gen- 
tlemen : 

New York, N. Y., May 6, 1914. 
Haynes McFadden: 

Secretary Georgia Bankers' Association, Piedmont Hotel, Atlanta, 
Ga. The American Bankers' Association tenders congratulations upon 
the occasion of your twenty-third annual convention. May you enjoy 
a successful meeting and a prosperous new year. Regret I cannot 
be with you. 

FRED E. FARNSWORTH, General Secretary. 



34 PROCEEDINGS OF THE 

Birmingham, Ala., May 8, 1914. 
L. P. Hillyer, President, 

Georgia Bankers' Association, Atlanta. 
Appreciate invitation and regret inability to be with you. Cordial 
greetings to the Georgia bankers. 

W. P. G. HARDING. 

Richmond, Va., May 8, 1914. 
L. P. Hillyer, President, 

Georgia Bankers' Association in Convention, Atlanta, Ga. 
It is with profound regret that circumstances over which I have no 
control prevent me from attending the Georgia Bankers' Convention 
which meets in the most hospitable city of Atlanta. With every 
good wish for a pleasant and successful meeting, I am 

Sincerely yours, 

JULIEN H. HILL. 

President Hillyer: Next in order is the 

PRESIDENT'S ADDRESS. 
Gentlemen of the Georgia Bankers' Association: 

We have passed through strenuous times since our last Annual 
meeting". Nineteen Hundred and Thirteen was one of the hardest 
years ever experienced by Georgia bankers. The demand for money 
was incessant, and few banks in Georgia went through without bor- 
rowing heavily. Money was scarce in New York, and all other money 
centers of the world. So much was said about what might be the 
fearful consequences when crop moving time came, that the Secre- 
tary of the Treasury, W. G. McAdoo, shattered all precedents by 
proclaiming that he would lend to the banks of the South and West 
fifty million dollars for crop moving purposes, and if that amount 
was not enough, he would lend them fifty or one hundred million 
more, if necessary. Before this offer was made, the financial situa- 
tion became acute. Confidence was growing weak, and the failure 
of one important financial institution could have easily precipitated 
another 1907. While this act of Secretary McAdoo made a pro- 
found impression, and did much to allay the apprehension of our 
people. President Wilson and his party leaders realized how badly 
the country was in need of an elastic and stable currency. With 
characteristic energy and perseverance, they worked night and day 
for weeks and months until there was put upon our statute books 
a Bank Act and Currency Law, which, I believe, will stand the test 
of time. All of the 7,500 National banks, except about eighteen. 



GEORGIA BANKERS' ASSOCIATION 35 

have joined the Federal system and I predict that within five years 
a large majority of the twenty-odd thousand State banks will apply 
for membership. 

It is delightful to know that we will soon have the Regional 
Banks to help us in times of need, but let us not forget that for 
generations we have had the generous and loyal support of New 
York banks. I do not agree with those carping critics and dema- 
gogues who say that Southern banks have been oppressed by their 
New York correspondents. I believe that bankers in Georgia have 
received just treatment from the banks of New York. Covering a 
period of nearly thirty-five years, I have always found them loyal, 
just, and ever ready to respond to any reasonable demand. 

The Georgia Bankers' Association has maintained its record for 
continuous growth. When I was your Secretary, this was my boast 
and now its is that of my worthy successor, Haynes McFadden. We 
have the largest Bankers' Association in the Southeastern States. 
Secretary McFadden will, no doubt, tell you this — as well as other 
interesting facts, in his own report. 

Our Association is taking more interest each year in agricultural 
questions. Every thoughtful banker knows that the prosperity of 
his bank, as well as the prosperity of the State, depends upon the 
farmer. The best work our Association can do is to encourage in- 
telligent and practical farming. It is a work that will bring forth 
greater results than anything else we can do. Georgia is import- 
ing more food stuffs than is any other State of the South. It is 
a blot upon Georgia's escutcheon that she should spend many millions 
of dollars annually for meat, mules and provender. Hogs, cattle, 
mules, horses and all necessary provender can be raised with ease 
in this God-favored State, and our farmer should be taught how to 
raise these things profitably. This Association has done much to 
encourage Boys' Corn Clubs, and for several years has paid cash 
prizes to corn growers. One bank in the State paid $600 in cash 
prizes to corn growers last year, and other banks have given similar 
encouragement. We can hardly overdo this work. We should assist 
our farmers in starting herds of cattle, in raising mules and sheep 
and hogs. If the boll weevil finds our cotton only a surplus crop, 
he cannot impoverish us as he has vast sections of country he has 
visited. He might bend us, but he could not break us. The Atlanta 
Constitution, The Macon Telegraph, and other influential papers of 
the State have done a great work by devoting much of their editorial 
space in urging the farmers to raise cattle and provender, and to 



3G PROCEEDINGS OF THE 

prepare for the coming of the dreaded boll weevil. The bankers of 
our Association should induce every country weekly, as well as 
city daily, to use its influence in having- the farmers properly posted 
and prepared to meet the boll w^eevil. The Georgia State Chamber 
of Commerce has spent considerable money in this cause. Large 
and expensive signs have been posted in the western counties of the 
State, warning farmers of approaching danger. The proper educa- 
tion of our farmers would be easier to accomplish if so many of them 
were not ignorant negroes. The negroes must be taught also. The 
task is great, but we are a great people, and we must meet the emer- 
gency. I believe our people will rise to the occasion and be ready 
for this most pestiferous insect when he crosses the Chattahoochee. 
I take an optimistic view of the future. The tariff is settled 
and the country is gradually adjusting itself to the new law. The 
Federal Reserve Act has been accepted and approved and The Reg- 
ional Banks are about to be organized. Money is easy in all the 
financial centers. The United States Steel Corporation has just 
reported earnings in excess of public expectations. The farmers 
have had unusually fine weather in which to prepare their lands. 
The growing crops are in fine condition. A profitable fruit crop 
is expected. The railroads will get higher freight rates, and almost 
everything looks bright. The only dark spot on the horizon is the 
little war cloud in the South. Woodrow Wilson — one of the ablest 
Presidents since Washington — is using the wisest diplomacy to bring 
about an amicable settlement in Mexico. He has a difficult task, 
and peace may not be consummated. No right thinking man is in 
favor of war at any time, but, from a cold-blooded business stand- 
point, even if we had war with Mexico, it would stimulate business, 
rather than hinder it. A prominent Englishman stated not long 
since that *'a war between Mexico and the United States would 
result in prosperity for the latter country. Men, money, grain, 
meats, arms, ammunition, and the thousand and one necessaries to 
conduct a successful campaign can be supplied by the people of the 
United States and its corporations. In the event of a long cam- 
paign, I should expect to see great industrial activity throughout 
the United States, and all the unemployed should have plenty of 
work. When the war was over, the United States would have opened 
to their young men a great field of industrial endeavor, and in the 
end it would mean that the United States would be foremost in the 
trade with the South American countries, which hitherto has not 
been the case. There is nothing like a successful war to win respect 



GEORGIA BANKERS' ASSOCIATION 37 

and open avenues for trade." So, ''out of this nettle danger we 
will pluck the flower safety." 

In conclusion, I wish to thank you for your uniform kindness to 
me during my twenty-two years of continuous service as an active 
officer of this Association. You have honored me many times and 
in many ways. I shall not be eligible for further official activities 
in this Association. I shall go out of office with malice towards 
none and with happiest recollections of an active career. (Ap- 
plause). 

Mr. R. T. Persons (Forsyth) : I move that the Georgia Bankers' 
Association endorse L. P. Hillyer for a Directorship in Class A in 
the Regional Bank to be established in Atlanta. 

Mr. E. W. Stetson (Macon) : I second that motion, and will ask 
Mr. L. G. Council, first vice-president of the Georgia Bankers' Asso- 
ciation, to put the motion. 

Mr. L. G. Council (Americus) : I take pleasure in putting the mo- 
tion. (It was voted on and unanimously carried). 

President Hillyer : I thank you, gentlemen, very kindly. 

We will now have the report of the Executive Council by Mr. 
Chas. B. Lewis, of Macon, Chairman. 

Mr. President, Ladies and Gentlemen: 

I beg to report that during the year, Executive Council has held five 
meetings. The first meeting was held in Macon on adjournment of 
State Convention to organize. On June 12th we held a joint meeting 
with the Legislative Committee to consider the best way of handling 
the new banking bill before the Legislature. State Treasurer Speer 
was invited to attend the meeting. In view of the small appropria- 
tion from the State to maintain the Treasury Department we found 
it would be very difficult, if not almost impossible to obtain the 
passage of the banking bill, endorsed at the Macon Convention, 
separating the Banking Department from the Treasury Department 
without a constitutional amendment being passed by the Legislature 
increasing the salary and clerical force of the State Treasurer. At 
that time the Council and Legislative Committee reached the con- 
clusion that it would be best to abandon all efforts to pass the bank- 
ing bill until the constitutional amendment had been executed; how- 
ever, at another joint meeting of the Council and Legislative Com- 
mittee, held in Atlanta on July 5th, it was agreed that we were bound 
to carry out instructions of the Association at the Macon Convention, 
so we put forward every effort to secure the passage of the bill at the 
last meeting of the General Assembly. It was introduced in the 



38 PROCEEDINGS OF THE 

House and is now on the calendar and will come up at the next session 
of the Legislature. 

After various conferences with the Legislative Committee and the 
State Treasurer, we recommend that the Association lend its 
efforts to the passage of a constitutional amendment, increasing the 
salary of the Treasurer and clerical force before seeking further 
legislation looking to the separation of the Banking Department from 
the Treasury Department. 

The Council has heartily co-operated with the Agricultural Com- 
mittee to raise a fund of $1,500.00 for the State Agricultural College. 

In addition to the reward of $100 offered for the apprehension and 
conviction of burglars, Council authorized an additional appropria- 
tion of $50.00. 

At our meeting September 23rd, we authorized the Secretary to 
close contract with the Wales Visible Adding Machine Company, 
which shows an additional ten per cent discount to the members of 
the Association. We requested the Secretary to obtain expressions 
from the members as to publishing a revised code. So few members 
expressed a desire for a revised code, that we decided not to pub- 
lish same. 

At a meeting held January 19th in Atlanta, Council passed resolu- 
tions requesting Chairman of each Group to appoint a member to rep- 
resent their group on the committee to co-operate with the Legisla- 
tive Committee. The following members were appointed: 

Group No. 1.— W. W. Banks, Tifton. 

Group No. 2. — B. S. Walker, Monroe. 

Group No. 3. — Geo. H. Sessions, Marietta. 

Group No. 4. — H. B. Crowell, Columbus. 

Group 5. — F. S. Ethridge, Jackson. 

Council authorized Secretary to apply for membership in the Geor- 
gia Chamber of Commerce. General Counsel, Orville A. Park, has 
been authorized by Council to publish, in book form, his opinions 
given the members during the past year. 

We are glad to report that the Association has had a most pros- 
perous year. 

Respectfully submitted, 

(Signed) CHAS. B. LEWIS, 
Chairman of the Executive CounciL 

President Hillyer: We will now have the Secretary's report by 
Mr. Haynes McFadden, of Atlanta, Secretary. 

REPORT OF THE SECRETARY. 

At the close of a useful and successful year's work, due to the 
united and enthusiastic co-operation of your officers and committees. 



GEORGIA BANKERS' ASSOCIATION 39 

the twenty-third annual convention of the Georgia Bankers' Associa- 
tion opens with the largest membership in its history. The present 
membership is 626, an increase of 14 during the year. It is divided 
by groups as follows: 





Members 


Non-members 


Group I. 


128 


37 


Group II. 


105 


36 


Group III 


154 


66 


Group IV. 


117 


45 


Group V. 


122 


36 



Total, 626 220 

While the membership is the largest of any State in the Southeast, 
the percentage of non-members is not the lowest by any means, and 
the active co-operation of those who are members is earnestly re- 
quested in this department of the Association's work. 

There are five well-balanced and well-organized groups, as indicated 
by the membership figures. Each group has within the past month 
held a most successful and largely attended meeting, the minutes 
of which will be presented by their respective secretaries. The plan 
of holding the meeting on consecutive dates, or at least in close ro- 
tation, has done much to stimulate State-wide interest and to in- 
crease the attendance. The plan is also of considerable utility in the 
matter of securing speakers for the various meetings. 

Agricultural Committee. 

The Association suffered a deplorable loss near the close of the 
year's work, in the death of Mr. A. S. Carver, of Dawson, chairman of 
the Agricultural Committee. His mantle fell upon one who had 
stood shoulder to shoulder with him in his work, when President 
Hillyer appointed Mr. B. S. Walker, of Monroe, to be chairman. Mr, 
Walker will report at this morning's session, giving the details of the 
year's work, including the inter-state conference of Agricultural 
Committees in Asheville last June, at which Georgia was represented 
by the late Mr. Carver and Mr. W. W. Abbott, of Louisville, the 
other member of the committee. 

Subscriptions to the special agricultural fund which the Associa- 
tion attempted to raise were not as numerous and cheerful as ex- 
pected. However, about $700.00 was donated, and Dr, Soule put the 
money to good use, declaring that the year's work was rounded out 
to advantage by means of this contribution. At the same time, I 
respectfully recommend against so-called voluntary subscriptions 
in the future, unless voted in a lump out of the general treasury. 



40 PROCEEDINGS OF THE 

The $100.00 prize voted by the Association to the winner of the 
Boys' Corn Club contest was awarded to Edward J. Wellborn, of 
Madison, who raised 181.72 bushels of corn on his acre of ground at 
a cost of 30c per bushel. 

Federal Reserve Legislation. 

Before the passage of the Federal Reserve Act, the Association 
served as best it might in the effort to shape the bill in conformity 
with the best banking methods. President Hillyer represented Geor- 
gia at the far-famed Chicago conference, and the Hon. Fuller E. 
Callaway, of LaGrange, visited Washington in October as the repre- 
sentative of Georgia on the Committee of Country Bankers, one from 
each State, which presented the country bankers' ideas to the Senate 
Committee. All of which contributed to the general acceptability of 
the act upon its final passage. 

Legal Department. 

The Association's attorney has been consulted more frequently 
during the past year than ever before. The Legal Department is be- 
coming more useful year by year, and seems to be more and more 
appreciated. The opinions of the current year are now being pre- 
pared, and a copy will be mailed to each member. 

The general counsel is also watching very closely the question of 
computing the income tax of banks. The difference to our members, 
if their income tax is computed after other taxes have been deducted, 
is about $15,000 a year. The question will, therefore, bear close 
watching. A favorable interpretation of the law is still hoped for 
from the present collector, whose attitude is said to be less favorable 
than his predecessor's. 



Protective Department. 

In addition to the reward of $100.00 which the Association has 
offered for years for the arrest and conviction of anyone who makes 
d burglarous attack upon the safe or vault of a member bank, an 
additional fund of $50.00 was appropriated during the present year 
for the greater protection of members. This sum or any part of it 
is available to reimburse any member bank for actual expenses in- 
curred in obtaining the arrest and conviction of any criminal guilty 
of a felonious act causing a loss to any member. 

During the year thirty-seven cases, from forgery to burglary, have 
been reported to the Secretary's office. In accordance with the cir- 
cumstances in each case, the most practical assistance was offered. 
When applicable, the reward fund or the indemnity fund was placed 



. . , / 


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Ik 


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Chas. B. Lewis, Macon, Ga. 
Second Vice-President. 




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GEORGIA BANKERS' ASSOCIATION 41 

at the disposal of the members, and the least that was done in any 
case was to send a notice to members, chiefs of police and sheriffs, 
warning them of the operations of the particular crook in question. 
In this connection, the assistance and co-operation of the American 
Bankers' Association has been valuable. Through the contract of 
the American Bankers' Association with the Burns Detective Agency, 
a number of our members who are also members of the American 
Bankers' Association, have received detective service without ex- 
pense. 

Mercantile Contracts. 

The Association now has contracts with the following companies, 
whereby its members receive an advantage in trade discounts aggre- 
gating a much larger sum than the annual dues represent: 

The Adder Machine Co., Wales Visible Adding Machines. 

The Remington Typewriter Company. 

The Underwood Typewriter Company. 

The Yale & Towne Mfg. Co., (Time lock cleaning). 

Full particulars of the different contracts will be given any mem- 
ber upon request. 

In conclusion, I wish to thank the officers and members of all the 
Committees for the unanimous and hearty co-operation they have 
given the Secretary's office during the present year, which has made 
it not only most pleasant, but I flatter myself to say it has also been 
very successful. 

Respectfully, 

HAYNES McFADDEN, Secretary. 

(Applause). 

President Hillyer: I have received the following communication 
from Mr. John Lee Coulter: ^'Mr. Harris, of Washington, D. C, 
wired me that he was on the program for today, and for me to re- 
present him. The program shows he is to speak tomorrow. I must 
leave Atlanta tonight. Can I serve you today?" 

If Mr. Coulter is in the room, I will state that I think we can 
arrange the program to suit his convenience, and, while we regret 
not having the Hon. Wm. J. Harris with us, I am sure he will be ably 
represented by Mr. Coulter. 

The following telegram has just been received: 

Nashville, Tenn., May 8. 
The Georgia Bankers' Convention, 
Atlanta, Ga. 

The Nashville Clearing House extends greetings to the Georgia 



42 PROCEEDINGS OF THE 

bankers and respectfully requests that they consider Mr. Whitefoord 
R. Cole, of Nashville, Tenn., as class A director in the Atlanta Regional 
Bank. 

NASHVILLE CLEARING HOUSE ASSN., 

T. G. GARRETT, Manager. 
Next we will have the Treasurer's Report by Mr. E. C. Smith, 
of Griftin, Treasurer. 

To the President and Members of the Georgia Bankers' Association: 
Gentlemen: I respectfully submit the following report: 

Balance on hand May 15th, 1913 $ 3,031.88 

RECEIVED FROM: 

Dues $6,612.50 

Sale of Codes 62.42 

Tickets Macon Banquet 1,054.00 

Sale of Invitations 32.88 

Refunds from Annual Proceedings (L. P. H.) .... 12.46 

Sale of Invitations (H. McFadden) Refund 1.58 

Refund from Protective Fund 17.10 

Refund from A. B. A 14.59 7,808.53 



$10,839.41 
PAID OUT: 

Executive Council $ 175.31 

Legal Department 537.38 

Office Rent 270.00 

Protective Department 447.49 

Postage, Printing and Stationery 559.57 

Salaries: Secretary, $l,045.00;Attorney, $200.00.. 1,245.00 

Salaries : Treasurer 100.00 

Group Appropriations and Expenses 105.66 

Expense Macon Banquet 1,710.85 

Convention Expenses 137.65 

Badges and Souvenirs 265.90 

Convention Invitations and Menu Covers 113.35 

Convention Guests 52.22 

Reporting Convention and Publishing Proceedings 667.65 

Agricultural Committee 91.95 

Membership Refund 140.00 

Corn Club Prize 100.00 

Miscellaneous Expenses, Telegrams, etc 85.68 

6,805.66 

Balance May 8th, 1914 $ 4,033.75 

(Applause). 



GEORGIA BANKERS' ASSOCIATION 4a 

President Hillyer: We will now have the report of the General 
Counsel of the Association, Mr. Orville A. Park, of Macon, Ga. Mr. 
McFadden wishes to make an additional statement, however, before 
Mr. Park begins his report. 

Secretary McFadden: I wish to say that since I have read my 
report the Collector of Internal Revenue, Mr. Blaloek, has called 
my attention to an inaccuracy therein, which I wish to correct before 
it gets too cold in your minds, and that is that the attitude of the 
officials referred to in my report is due to a decision of the Supreme 
Court, and not due to any disposition on his part to visit upon the 
bankers any burden that it is not necessary for them to bear. I 
wish to amend my report to that effect, and to change the record 
accordingly. 

The following report of the General Counsel was then presented: 

Mr. President and Gentlemen of the Georgia Bankers' Association: 

Five years ago I was elected by your Executive Council as General 
Counsel for this Association. The office was new, its duties not de- 
fined, its creation an experiment. The members of the Association 
were advised that the General Counsel would give his opinion upon 
questions of banking law, commercial paper, and other legal matters, 
upon request, but the membership were at first slow to take advan- 
tage of this privilege. For a time the principal duties of the Gen- 
eral Counsel were to keep straight, legally, of course, your worthy 
President, then the Secretary of the Association. As time advanced, 
however, and the purpose which the Executive Council had in mind 
in creating the office of General Counsel become better understood, 
there was no lack of requests for opinions from members of the 
Association. The tendency on the part of the membership to avail 
themselves of the privilege afforded has been constantly increasing. 
Indeed, during the past year more requests have come to my desk 
than in any two previous years since I have held the office. These 
requests have come from almost every section of the State, from 
large banks as well as small banks, city banks as well as those lo- 
cated in the country districts. It is, of course, natural that the 
greater number of requests should come from the small country bank, 
whose attorney, if it has one, is not always available, and who, if he 
is, is frequently not well posted upon banking questions. I am con- 
strained to believe that the work of the General Counsel in this re- 
gard has demonstrated the wisdom of the office, and that when the 
entire membership understands the privilege afforded the office will 
continue to grow in usefulness. 

Since I have served the Association two pamphlets containing opin- 
ions have been published by the Association and distributed to the 



44 PROCEEDINGS OF THE 

membership. Another and larger pamphlet is now in course of prep- 
aration, and by order of the Executive Council will be published 
within the next few weeks. These opinions have been selected out 
of the large number rendered because the subjects were thought to 
be of general interest and the questions likely to frequently arise. 

The services of the General Counsel have also been required in 
connection with pending or proposed legislation affecting the banking 
interests in the State. During the past year nothing of importance 
has been accomplished in this direction, but in other years a large 
amount of time has been consumed in an effort to secure the passage 
of measure looking to an improvement in the banking laws. 

The office of General Counsel is no longer an experiment. It is 
recognized and provided for in your new Constitution which will be 
submitted to this meeting for adoption. I regard it as no small honor 
and a high privilege to have been the first General Counsel of this 
Association and to have had something to do with demonstrating the 
usefulness and value of such an office in an Association of this char- 
acter. Having succeeded in doing this, I feel that the time has come 
when some other member of my profession should be given the honor 
of serving the Association. The increasing volume of correspondence 
and the growing number of opinions required render the office no 
longer a sinecure, and with the demands of an exacting practice render 
it impossible for me to attend to the requests of the members of the 
Association as promptly as I would like or to prepare opinions with 
the care which should be used in work of this character. I assure 
you that it has been with the greatest pleasure that I have attempted 
to serve the members of this Association. The cordial co-operation 
of your officers and the kindness shown me by the membership has 
made the office particularly pleasant and satisfactory to me. The 
honor conferred by your repeated selection of me is, I assure you, 
most gratefully appreciated. One lawyer, however, should not under- 
take to monopolize all the good things, and there are others who 
should be given an opportunity to serve you. Fortunately for me, 
being a bank director and attorney, I do not have to sever my rela- 
tions with the Association, and while I shall no longer serve you as 
an officer I will continue as one in the ranks to assist as far as I 
may be able in the continued growth, prosperity and usefulness of the 
Association. 

Permit me to thank you for the honor which you have conferred 
upon me and for the many courtesies of which I have been the recip- 
ient at your hands. 

Respectfully submitted, 

ORVILLE A. PARK, 
(Applause). General Counsel. 



GEORGIA BANKERS' ASSOCIATION 45 

Mr. R. F. Maddox (Atlanta) : Will you allow me at this time to 
call the attention of the Convention to a little change in the pro- 
gram? The Entertainment Committee of the Atlanta Clearing House 
Association beg to announce that the street cars will leave the Pied- 
mont Hotel at 1:00 o'clock for the Piedmont Driving Club, where 
the luncheon will be served. The special cars will stand in front 
of the hotel, and the luncheon will be served about half past one. 

The baseball tickets will be exchanged at the box office, and all 
of the delegates are expected to go from the luncheon to the base- 
ball game. The coupon calls for cars leaving at 1:30, but owing to 
the fact that the baseball begins about 2:30, we thought it would be 
more enjoyable to you gentlemen to have the business session over 
in time to leave at 1:00. All of the delegates and their wives are 
expected to go out to the Driving Club, where we hope to entertain 
you with a very pleasant luncheon. 

President Hillyer: We will now have the report of the chairman 
of the Agricultural Committee, Mr. B. S. Walker, President of the 
Bank of Monroe. 

RHPORT OF YOUR AGRICULTURAL COMMITTEE, APPOINTED 
AT THE LAST SESSION OF THE ASSOCIATION. 

To the Members of the Georgia Bankers' Association: 

Your association was represented by two of the members of this 
Committee at the conference of similar committees held in Ashe- 
ville, N. C, on July 10th, 1913. Committees from the following States 
were present: Alabama, Georgia, North Carolina, Tennessee, South 
Carolina, and Virginia. 

Problems looking to the agricultural uplift of the Southern States 
were the predominating themes of discussion. Many celebrated 
speakers were present and made able and instructive addresses. Your 
committee will not undertake to review any of the addresses made as 
copies of all speeches may be had by addressing William A. Hunt, 
Secretary, North Carolina Bankers' Association, Henderson, N. C. 

After listening to all the various suggestions made at this con- 
ference your committee reports that we heard nothing superior to 
our own methods of encouraging the Boy's Corn Clubs, the Girl's 
Canning Clubs and the farm demonstrations which are being supported 
in some forty counties of the State. 

After consulting with Mr. Haynes McFadden, Secretary of our 
Association, we decided to ask the Bankers of the State to contribute 
the sum of $1,500.00 to employ an expert farm lecturer to work under 
the orders of Dr. Soule of the State Agricultural College. An appeal 
was made to all the bankers of the State for subscriptions and we are 



46 PROCEEDINGS OP THE 

sorry to report that the scheme had to be abandoned as only $700.00 
was raised. By consent of the subscribers to the fund this amount 
was turned over to Dr. Soule to be used in his farm extension work 
throughout the State and applying $100.00 from the Association's 
treasury to pay expenses to Washington City of young Edward Well- 
born, the Morgan County boy prize-winner of the Boy's Corn Clubs, 
his yield reaching the enormous amount of 181 bushels on one acre 
at a cost of only thirty cents a bushel. 

We attach to this report, copy of letter of thanks from young Well- 
born in which he speaks in most appreciative terms of his trip and 
the benefits derived from it. Those of you who read the list of yields 
of the various contestants for the boy's prize will remember what a 
wonderful contest it was and what enormous yields were reported. 
The natural instinct of a Georgia boy is to try to do better next time 
and all over the State they are plowing and subsoiling and harrowing 
their one acre plots of ground, each determined to excell his neigh- 
bor. 

In the county of Walton alone there are 225 boys in the Corn Club 
and 80 adult farmers under the instructions of the Farm Demonstra- 
tor whose salary is being paid one-half by the government and one- 
half by the bankers and merchants of Walton. In the county of 
Tatnall the bankers paid the expenses of about thirty young farmers to 
the short Course in Agriculture at the University which is taught in 
January of each year. Wliy cannot this and even more be done by the 
bankers in every county of the State? 

The farmer will be advised by his banker quicker than by his lawyer, 
his doctor or even his preacher. A spirit of friendly rivalry and com- 
petition can be easily begun by the banker, between his farmer 
friends. A ten dollar prize for the largest yield of cotton or corn 
from one acre of land will cause a new impetus in the community 
that has never been known before. 

The eleven District Agricultural Schools of Georgia offer to the 
boys and girls of the State a practical High School education and an 
agricultural training that if properly applied will make each one a 
shining light in the community in which he lives. 

Nine dollars a month will cover every item of expense at these 
schools. What better investment can a banker make than to select 
two or three worthy boys from the farm and provide the means that 
will enable them to attend one of these schools? What better dis- 
position can be made of the funds now in the hands of the Treasurer 
of this Association than to divide it pro-rata among the groups of the 
bankers and have the Group officers select the most worthy boys and 
girls and send them to the nearest Agricultural School? 

We are not doing our best to better the condition of our farmer 
friends and now is the time to renew our efforts in this line of work 



GEORGIA BANKERS' ASSOCIATION 47 

and we hope that this Convention will show its interest by appropriat- 
ing every dollar it can spare to the betterment of the young farmers 
of the State. 

W. W. ABBOTT, 
B. S. WALKER, 
W. C. BRADLEY, 
' Committee. 

The following is a letter from young Edward Wellborn, who won 
the prize trip to Washington: 

Madison, Ga., Feb., 21, 1914. 
Mr. Haynes McFadden, 

Georgia Bankers' Association 

Atlanta, Ga. 
My Dear Sir: 

I beg of you to excuse me for not writing sooner. I am the boy 
that won the trip you gave to Washington, D. C. 

I saw a lot of things which I enjoyed very much, and I learned 
some things I didn't know before. I would have written sooner, but 
have just gotten your address. 

Now I thank you more than I have words to express. I shall always 
remember this trip. 

Yours very truly, 

EDWARD J. WELLBORN. 

Madison, Ga. 

Mr. B. H, Groover (Reidsville) : Mr. Walker made allusion to 
sending young farmers to the State College of Agriculture for the 
short course. We feel like Tatnall will have credit enough, if men- 
tion is made of the exact number sent. It was fourteen instead of 
thirty. I want to say this, that the Bankers in their Convention hav- 
ing voted to send one or more, farmers offered their services to a 
large number, and if the farmers had taken to their proposition, 
they would have readily paid the expenses of fifty or more. One 
bank in the county sent twelve, that is, paid the expenses of twelve 
men to the college. 

President Hilly er: I wish to appoint the following Auditing Com- 
mittee to audit the Treasurer's report: 

Mr. G. H. Smith, of Brunswick. 

Mr. J. S. Calhoun, of Cartersville. 

Mr. Henry Blun, of Savannah. 

That will be the Auditing Committee, and the Treasurer will 
please turn his report over to the Committee. 



48 PROCEEDINGS OP THE 

Mr. G. H. Smith (Brunswick) : When will our report have to be 
made? 

President Hilly er: Report on it tomorrow. 

Mr. A. 0. Blalock (Atlanta) : As Collector of Internal Revenue, 
it would appear that some matters concerning the income tax to be 
collected by the Collector's office were not clearly understood by 
the bankers, and I desire to make a statement of about two minutes 
from the Collector's standpoint. 

I want to say that, so far as the Collector is concerned, he is 
absolutely a friend to every banker in Georgia. He has been in 
that business for a number of years in a limited way. So far as 
being unfriendly to the bankers, or more unfriendly than my prede- 
cessor, I am not in a position to say just how friendly they have 
been, but I want to make this statement, so far as the present Col- 
lector is concerned, he is going to carry out the law to the best of 
his judgment absolutely according to the oath he took. I want to 
say this: if there has been any unfair means, if any banker has 
felt like he has been treated unfairly, I would be the gladdest in 
the world for him to come to the Collector's office and I will go 
over it with him. 

Under the new law w^e are operating under new conditions on the 
income tax. In a general way, the income tax applies to every- 
body that has enough to give in, and in the case of corporations 
we have heretofore had an exemption of a certain amount similar 
to the exemption now allowed individual tax-payers. That exemp- 
tion was wiped out under the new income tax law. There are one 
or two, at least one, Supreme Court decision, that might affect the 
bankers in a certain way, too. I will be the gladdest in the world 
to go over it with any banker who will come to my office. I beg 
to assure you of my absolute friendliness to the bankers of Georgia, 
and, so far as my judgment goes, I am going to be absolutely fair 
with every man in Georgia in administering the law. 

I call attention to this because it appeared in the report of the 
Secretary that the present Collector had not been as friendly to the 
Bankers of Georgia as his predecessors. If either of my predecessors 
has been more fair than the law allowed him to be, he was more 
fair than I will be in the future, but, if he complied with the law, 
as the law was on the books, he was not any fairer to any banker 
in Georgia than the present Collector will be. 

I beg to assure you of my absolute friendship, and, if there has 
been any error committed in the slightest degree against any citizen 




EuFUS H. Brown, Augusta, Ga. 
Third Vice-President. 



GEORGIA BANKERS' ASSOCIATION 49 

of Georgia, that gives in his taxes, I will be the gladdest in the 
world to correct it. I beg to assure you of my absolute friendship, 
and my absolute impartiality towards any class in Georgia. 

President Hillyer: Before we proceed any further with our busi- 
ness, I want to make a very important announcement. Immediately 
after the adjournment this morning the members will meet by Groups 
to elect the Nominating Committee, composed of one man from each 
Group. The Groups will be called to order by the outgoing Chair- 
men. The Chairmen of Groups 1, 2, 3 and 4 will meet with their 
Groups in the four centers of this hall, and the Chairman of Group 
5 will meet with his Group in the center of the hall. The outgoing 
Chairmen will preside at their several Group meetings. 

Immediately after the adjournment of these Group meetings — it 
will only take just a little while for you to select your Nominating 
Committeemen — all members present of the American Bankers As- 
sociation are requested to meet immediately for the purpose of 
electing officers to be installed at Richmond, Va., October 12-16, 
1914. The terms which expire on that date are those of the Vice- 
President for Georgia, and Member of Nominating Committee. There 
is no member of the Executive Council to be elected this year. 

Please take notice that immediately upon adjournment the Groups 
will meet, as directed. 

The next thing on the program is the new Constitution and By- 
laws, and the report of the committee by L. P. Hillyer, Chairman. 
Now I will have the Secretary to read that report, which I will say 
was read very carefully and digested last night by the Executive 
Council, and they have approved this report as the Secretary reads 
it. 

Mr. Miller S. Bell (Milledgeville) : Inasmuch as the proposed 
Constitution has been published, and been put in the hands of every 
member, in order to facilitate the business of the Convention, and 
save time, I move the adoption of the Constitution as printed. 

President Hillyer: Mr. Bell, there have been two or three minor 
changes of the one that has been printed. The Executive Council 
saw fit to make two or three minor changes. 

Mr. John D. Walker (Sparta) : Would it not be, under the cir- 
cumstances, a good idea just to read those parts of the pages where 
the changes took place? 

President Hillyer: The Secretary will read those changes. 

Secretary McFadden then called attention to the changes made in 
the printed form, which had been published and circulated. 



50 PROCEEDINGS OF THE 

Mr. G. H. Smith (Brunswick) : I move the adoption of that re- 
port. 

Mr. R. F. Maddox, (Atlanta) : The very last Article in this 
proposed Constitution reads: ''No resolution complimentary to any 
member or officer, or to any paper or address read or delivered by 
any member of this Association, shall be entertained." 

I don't know what the Committee had in mind, but it seems to 
me that the occasion may arise when the Convention would be very 
glad to adopt a vote of thanks for some papers that might be read. 
We have all heard papers in the past, upon which we wished to con- 
gratulate the authors, and give them a vote of thanks. 

President Hillyer: The Committee discussed that considerably, 
and the idea was this: This does not refer to visitors; it only re- 
fers to members, and the Committee on By-laws thought that at some 
time it might cause embarrassment, and might hurt someone's feel- 
ings, if several members, members of our own Association, had made 
addresses, and received resolutions of thanks, and another member 
would probably be omitted, and they just concluded not to have 
any at all. Still that's a matter entirely for the Convention, and 
they can put it in here or leave it out as they choose. 

Mr. W. H. Searcy (Cario) : I just wished to call attention to an 
oversight; Grady County is left out of Group 1. 

A Member: Before we leave that last Article XVI, I would like 
to have a clearer understanding. This Article says ''No resolution 
complimentary to any member or officer" will be permitted. It 
does not specifically say as to papers, that he might read, but no 
resolution can be passed, that is complimentary to any officer or mem- 
ber of this Association. I don't think that that's proper. Now, 
if it should state that no resolution complimentary to any officer on 
any paper or address read, that's a different proposition, but this goes 
further than that, so that no act of an officer or a member may be 
commended. This Association cannot extend an officer thanks for 
any act he may perform for this Association under that Article. 
I don't think that's right, and I am opposed to it. 

Mr. R. F. Maddox (Atlanta) : I move as a substitute to adopt 
the report and the Constitution with Article XVI stricken. 

This motion was seconded by Mr. B. W. Hunt, of Eatonton and 
carried. 

The report as a whole was therefore adopted with the exception 
of Article XVI, and the new Constitution appears as follows : 



GEORGIA BANKERS' ASSOCIATION 51 

NEW CONSTITUTION FOR THE GEORGIA BANKERS' ASSOCIA- 
TION, SUBMITTED TO AND APPROVED BY THE ANNUAL 
MEETING, HELD IN ATLANTA, MAY 8 AND 9, 1914. 

ARTICLE I. 
Name and Object. 

The name of this Association shall be the Georgia Bankers' Associa- 
tion. Its object is to advance the science of banking in Georgia, pro- 
mote the interest of its members, and establish cordial intercourse 
and relation among the bankers of the State, 

ARTICLE II. 

Groups. 

Section 1. This Association shall be divided into five groups: 

Group No. 1 shall consist of the members of the Association located 
in the following counties: Screven, Emanuel, Montgomery, Coffee, 
Irwin, Berrien, Brooks, Thomas, Decatur, Lowndes, Echols, Clinch, 
Ware, Appling, Tattnall, Pierce, Bullock, EflBlngham, Chatham, Bryan, 
Liberty, Mcintosh, Wayne, Camden, Glynn, Charleston, Grady. 

Group No. 2 shall consist of the members of the Association located 
in the following counties: Banks, Franklin, Jackson, Madison, Hart, 
Elbert, Oglethorpe, Clarke, Walton, Oconee, Wilkes, Lincoln, Colum- 
bia, McDuffie, Taliaferro, Greene, Morgan, Warren, Richmond, Glas- 
cock, Jefferson, Burke. 

Group No. 3 shall consist of the members of the Association located 
in the following counties: Dade, Walker, Catoosa, Whitfield, Murray, 
Fannin, Union, Towns, Rabun, Habersham, White, Lumpkin, Gilmer, 
Gordon, Chattooga, Pickens, Dawson, Hall, Campbell, Forsyth, Chero- 
kee, Bartow, Floyd, Polk, Paulding, Cobb, Fulton, Milton, DeKalb, 
Gwinnett, Carroll, Haralson, Douglas, Rockdale, Newton, Coweta, 
Fayette, Clayton and Henry. 

Group No. 4 shall consist of the members of the Association located 
in the following counties: Harris, Meriwether, Upson, Talbot, Mus- 
cogee, Taylor, Marion, Chattahoochee, Schley, Macon, Sumter, Web- 
ster, Stewart, Quitman, Randolph, Terrell, Lee, Worth, Dougherty, 
Calhoun, Clay, Early, Baker, Mitchell, Miller, Colquitt, Troup, Heard, 

Group No. 5 shall consist of the members of the Association located 
in the following counties: Butts, Jasper, Putnam, Hancock, Washing- 
ton, Baldwin, Jones, Monroe, Crawford, Bibb, Wilkinson, Johnson, 



52 PROCEEDINGS OP THE 

Twiggs, Houston, Laurens, Pulaski, Bleckley, Dooly, Wilcox, Dodge, 
Telfair, Spalding, Pike, Wheeler. 

Section 2. Each group shall elect its own Chairman and Secretary, 
and shall adopt its own Constitution and By-Laws, provided such 
Constitution and By-Laws shall not conflict with the Constitution and 
By-Laws of this Association. 

Section 3. The Association may by resolution at any annual meet- 
ing transfer the member banks located in any county from one 
group to another at the request of the banks so transferred, in order 
to subserve the convenience and best interests of the groups affected 
by such change. 

ARTICLE III. 

Members. 

Section 1. Any national or State bank, trust company, savings 
bank, or private firm engaged in the banking business, located in the 
State of Georgia is eligible for membership in this Association. 

Section 2. Any such bank or private banker may become a mem- 
ber of this Association by making written application to the Secre- 
tary, which application shall be accompanied with a check in pay- 
ment of the dues for one year as provided in this Constitution. 

Section 3. Any member of this Association may be expelled for 
cause upon a vote of two-thirds of those present at any regular meet- 
ing. 

ARTICLE IV. 
Officers. 

Section 1. The officers of this Association shall consist of a Presi- 
dent, five Vice-presidents, Secretary, Treasurer, and General Coun- 
sel. 

Section 2. There shall be also an Executive Council, composed of 
the President, first Vice-President, Secretary, and Treasurer of the 
Association, and the chairman of each of the five groups. 

Section 3. These officers shall be elected at each annual Conven- 
tion of the Association. All elections shall be by ballot. 

Section 4. All officers, except the Treasurer, and the members of 
the Executive Council shall hold office from the adjournment of the 
Convention at which they are elected until the adjournment of the 
next succeeding annual Convention and until their successors are 
elected and qualified according to the Constitution and By-laws of 



GEORGIA BANKERS' ASSOCIATION 53 

this Association. The term of office of the Treasurer of the Associa- 
tion shall be three years. 

ARTICLE V. 
Dues. 

The annual dues of all banks, trust companies, and banking firms 
shall be: 

For banks having capital up to $iaO,000 $10.00 

For banks having capital $100,000 and up to $250,000 15.00 

For banks having capital $250,000 and over 20.00 

ARTICLE VI. 
By-Laws. 

By-laws may be adopted, repealed or amended at any annual Con- 
vention of the Association by a majority vote of the members present; 
provided that the number voting for such adoption, repeal or amend- 
ment shall not be less than twenty-five. 

ARTICLE VII. 
Vacancies. 

A vacancy in any office provided for by this Constitution shall be 
filled by appointment by the President, and the appointee shall hold 
office until the adjournment of the Convention of the Association 
next ensuing. 

ARTICLE VIM. 
Power of Executive Council. 

The Executive Council when the Association is not in session shall 
he vested with all the powers of the Association needful to be exer- 
cised and not inconsistent with the Constitution and By-laws of the 
Association. 

ARTICLE IX. 

Meetings. 

The Association shall meet annually in Convention, at such time and 
place as the Executive Council shall select, and those present at such 



54 PROCEEDINGS OB^ THE 

meeting, not less than twenty-five, shall constitute a quorum. The 
Secretary shall give thirty days notice of the time and place of the 
meeting. Special meetings of the Association may be called by the 
Executive Council if in their opinion the circumstances require them. 
In case of such meeting, the Secretary shall give tvi^o weeks notice in 
writing of the time and place of the meeting and of the business which 
is to come before such special meeting. 

ARTICLE X. 

Delegates. 

Section 1. Each member of the Association is entitled to send one 
delegate to the annual Convention. 

Section 2. A delegate shall be an executive officer or director of 
the institution which he represents, or a member of a private bank- 
ing firm, or an individual doing business as a bank. 

ARTICLE XI. 

Amendment. 

This Constitution may be altered or amended at any annual Con- 
vention by a vote of two-thirds of the members present and voting. 
Notice of the proposed amendment shall be first submitted to the 
Secretary at least thirty days before the annual Convention, and shall 
be placed by him before the Executive Council in order that they may 
arrange for bringing it before the Convention in the regular order 
of business. 

BY-LAWS. 

ARTICLE I. 

President. 

The President shall be the chief executive officer of the Association. 
He shall preside at all meetings of the Association, and he shall at 
each annual Convention deliver an address. 

ARTICLE II. 

Vice-Presidents. 

In case of the absence of the President from any meeting, the Vice- 



GEORGIA BANKERS' ASSOCIATION 55 

Presidents in order shall preside. In the event the President is unable 
for any cause to discharge any of the duties of his office, the Vice- 
Presidents in order shall discharge such duties. 

ARTICLE III. 
Secretary. 

The Secretary of the Association shall keep a record of all meetings 
of the Association and of the Executive Council and of all matters of 
which a record shall be deemed advisable by the Association. He shall 
conduct the correspondence of the Association and of the Executive 
Council. He shall notify the officers and members of their election, 
shall keep a roll of the members, and shall issue notices of all meet- 
ings. He shall send promptly to each member of the Association a 
synopsis of the reports received by him of any attempted or accom- 
plished crime against any member of the Association. The records 
in the hands of the Secretary shall be property of the Association, and 
shall be held at all times subject to the order of the Executive CounciL 
The salary of the Secretary shall be $125.00 per month. 

ARTICLE IV. 
Treasurer. 

The Treasurer shall collect from the members of the Association 
and account for all moneys belonging to the Association. He shall 
pay out money only upon vouchers countersigned by the Chairman 
of the Executive Council of the Association. He shall make an annual 
report to the Executive Council just before the annual Convention of 
the Association and at other times whenever called upon to make 
a report by the Executive Council. He shall keep regular accounts, 
which shall at all times be open to the inspection of the members of 
the Association. His accounts shall be audited by the Executive 
Council. He shall execute a bond with good and sufficient security, to 
be approved by the President, payable to the President and his suc- 
cessors in office, in the sum of $1,000.00, for the use of the Association 
and conditioned that he will well and faithfully perform the duties of 
the office. The cost of this bond shall be paid by the Association. 
The salary of the Treasurer shall be $200.00 per annum. 

ARTICLE V. 
General Counsel. 

The General Counsel of the Association shall upon request duly 



56 PROCEEDINGS OF THE 

made give his advice and services to the Executive Council or officers 
of the Association upon any legal matter affecting the interest of the 
Association. He shall also upon request of any member of the Asso- 
ciation furnish to such member his opinion and legal advice upon 
questions of banking and commercial law. The General Counsel 
shall be paid a retainer of $300.00 per annum. 

ARTICLE VI. 
Executive Council. 

Section 1. The Executive Council shall as soon as elected meet and 
choose one of its members as Chairman. 

Section 2. The attendance of five members of the Executive Corn- 
ell shall constitute a quorum for the transaction of business. 

Section 3. The Executive Council shall have charge of the general 
business of the Association. It shall receive all communications and 
arrange for holding meetings, prepare the order of business at meet- 
ings, arrange subjects for discussion in the order in which they shall 
come before the Convention, provide the speakers who are to ad- 
dress the Convention, and carry out the resolutions passed. 

Section 4. The Council shall act as a finance committee for raising 
and disbursing moneys. 

Section 5. The Executive Council may discharge any officer or em- 
ployee of the Association at their discretion, and may appoint his 
successor. 

Section 6. The Council shall provide for keeping the records of the 
proceedings of their own meetings, as well as those of the Associa- 
tion's annual and special meetings. They shall submit to each annual 
meeting a report covering their own official acts and a statement of any 
new or unfinished business requiring attention. They shall recommend 
means for raising money to carry out such plans as may be decided 
upon by the Association, 

Section 7. Special meetings of the Executive Council may be called 
upon request of three members, two weeks notice being given to the 
Secretary requesting him to call such special meeting. The Chairman 
may call meetings at any time. 

Section 8. The Executive Council shall have the power to fill any 
vacancies that may occur in their own body. 

Section 9. The expenses of the Executive Council in carrying out 
the business to be done by them shall be provided for out of the 
annual dues of the members of the Association, provided, however, 
that the Executive Council shall have no authority to incur or contract 
on behalf of the Association any liability whatever beyond the 
annual dues hereby authorized and that only for the purposes herein 
designated. 




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GEORGIA BANKERS' ASSOCIATION 57 

ARTICLE VII. 

Nominating Committee. 

A part of the order of business of the first day of the annual Con- 
vention of the Association shall be the election of a Committee on 
Nominations, consisting of five members. Each group shall elect one 
of its members to serve on such Committee. This Committee shall be 
charged with the duty of reporting to the Association during the second 
day's session thereof nominations for the ofllces of the Association to 
be elected at that meeting, but nothing herein provided shall prevent 
nominations of candidates to fill the respective offices to be made 
at the time of election by any member, and as many candidates may 
be nominated for each office as members may wish to nominate. 

ARTICLE VIII. 

Elections. 

All elections shall be by ballot. A majority of the votes cast shall be 
sufficient to elect to any office. 

ARTICLE IX. 

Resolutions and Subjects for Discussion. 

■Resolutions or subjects for discussion, except those referring to 
points of order or matters of courtesy, must be submitted to the Chair- 
man of the Executive Council in writing at least thirty days before any 
general Convention of the Association, but any person desiring to sub- 
mit any resolution or matter of business in open Convention may do so 
upon consent of a majority of the delegates present. 

ARTICLE X. 
Rules of Procedure. 

Section 1. Each bank shall be entitled to only one vote upon the 
floor of the Convention. Delegates shall vote in person. No voting by 
proxy shall be allowed. 

Section 2. All votes shall be viva voce unless otherwise ordered. 
Any delegate may demand a division of the house. 

Section 3. The parliamentary rules and orders contained in 
Roberts' Rules of Order, except as otherwise provided, shall cover 
all meetings of this Association. 



58 PROCEEDINGS OF THE 

ARTICLE XI. 
Dues. 

Section 1. The annual dues of the Association shall be due on 
July 1st of each year. 

Section 2. The Treasurer shall on the 15th of June of each year in- 
form each member of the Association that on the 1st day of July 
next the Treasurer will draw at sight on said member for the amount 
due by him to the Association, and on the 1st day of July following the 
Treasurer shall so draw for such dues upon each and every member 
of the Association who may at that time be indebted to the Association. 

Section 3. Any member failing to pay the annual dues within three 
months after they fall due shall be considered as having withdrawn 
from membership, but such member may be reinstated upon applica- 
tion to the Secretary and upon paying one years' dues. 

ARTICLE XII. 

Protection to Member Banks. 

Section 1. All members of the Association when called upon by the 
Secretary, on behalf of the Executive Council, for information or aid 
shall respond promptly by giving all the assistance in their power. All 
members of the Association shall at all times inform the Secretary, 
who shall in his discretion promptly notify the executive Council, of any 
attempted or accomplished crime reported to them which is likely 
to affect other members of the Association. 

Section 2. This Association shall pay a reward of One Hundred 
Dollars ($100.00) for the arrest and conviction of any one attempting 
or committing a burglary upon a member bank. 

Section 3. The Association shall reimburse any member bank to 
the amount of Fifty Dollars ($50.00) for expenses incurred in the 
arrest and conviction of any one committing a felony upon a member 
bank. 

Section 4. The protection afforded by the Georgia Bankers' Associa- 
tion shall be in addition to the protection afforded by the American 
Bankers' Association, but shall not be available to any member in 
arrears or under suspension for non-payment of dues. 

ARTICLE XIII. 

Resignation of Officers. 

Any officer may resign at any time upon settling his accounts with 
the Association. 



GEORGIA BANKERS' ASSOCIATION 59 

ARTICLE XIV. 

Enrolling of Past Presidents. 

A page or pages of the annual proceedings of this Association shall 
be set aside for the enrolling the names of past Presidents of the 
Association. 

ARTICLE XV. 

Publication of Addresses and Papers. 

All addresses, reports, and other papers read at any meeting of the 
Association shall be transmitted to the Secretary within thirty days 
from the adjournment of such meeting. 

President Hilly er: We will now hear from Dr. John Lee Coulter, 
who will address us in place of the Hon. Wm. J. Harris, who could 
not be with us. (Applause). 

Secretary McFadden: Before Dr. Coulter begins, I might read 
a telegram from Mr. Wm. J. Harris, which is addressed to Mr. 
Coleman, and is as follows, explaining his absence: 

Washington, D. C, May 7th, 1914. 
Hon. W. S. Coleman, 

Atlanta, Ga. 
My address at Bankers' Association meeting might be construed 
as political. Dr. John Lee Coulter, who is in charge of Census reports 
on wealth, death and taxation, is delegated by me to address Associa- 
tion on the subject of "Rural Credits." 

Dr. Coulter is member Commission appointed by the President to 
investigate European rural credits and since his return from abroad 
has delivered number addresses all over United States on rural credit. 
Please advise Secretary Bankers' Association accordingly. 

(Signed) W. J. HARRIS, Director. 

President Hillyer: We will now hear from Dr. Coulter. 

ADDRESS BY DR. JOHN LEE COULTER. 

Mr. President and Gentlemen: — I remember as a small boy hearing 
this story. Barnum's circus was in a big city, and was to show there, 
and they had lost their principal monkey, and they didn't know what 
to do. The manager was telling the story on himself, and he said 
"they wanted me to take his (the monkey's) place, and do the best I 



60 PROCEEDINGS OP THE 

could. They put me on a great big red coat, and you know the rest 
of it, and the boys stuck pins in me and fed me candy and peanuts." 
I felt yesterday, when I got a telegram from Washington from Mr. 
Harris, asking me to catch a train for Atlanta to say a few words in his 
absence like when I first heard that story. I wished I could miss the 
train, because I didn't know what his subject was; I didn't know what 
day he was to appear; I didn't know whether it was a five-minute 
or a five-hour talk, and I was glad to hear the announcement that the 
Driving Club was going to entertain at lunch at such an early hour, 
and, as my watch hands moved along, I inquired several times if my 
watch was not slow. I have had the pleasure in the past of having 
lunch as a guest of the Driving Club; I am sure none can afford to 
miss it, and I shall certainly not do anything to make it possible to 
miss it. 

In Mr. Harris' telegram to you he states that he is not present, af- 
firming that his address might be construed as political, and suggested 
that I talk on the subject of "Rural Credits". Now, in the first place 
I can say that I know my address will not be construed as political, 
because I have no aspirations in this State or any other, and not living 
in this State certainly could not have. 

I would prefer to talk for a few minutes on the subject jotted 
down after his name, for the reason that I see that Mr. B. F. Harris, 
of Champaign, 111., is to speak here on Rural Credits. I certainly 
hope that he is here, and going to speak to you, because I have 
heard him on various occasions, and I feel he will do justice to the 
subject. Further than that, all I know on the subject of Rural Credits 
has already been written in the reports of the United States Commis- 
sion on Rural Credits, having had the pleasure to act as Secretary 
of that Commission, and reporting to Congress on that subject. 

I believe, however, that the subject given to Mr. Harris is so im- 
portant in this State, and indeed the South, that I can not afford to go 
away without saying a few words concerning it. 

Should the State endorse county and municipal bonds? Now, that's 
a new question down here, as nearly as I can ascertain on such short 
notice, and yet it is a fact, if I may venture a rough guess, that the 
counties and cities of this State, including all counties, cities, towns, 
and villages from the smallest to the largest, have an outstanding 
debt, that would probably amount to fifty million dollars. It is esti- 
mated that for the United States as a whole the debt of that sort 
amounts to probably two billion dollars. 

You came from all corners of the State, and know the present 
conditions. A little town or county decides to issue bonds — they are 
going to build a court house, or a school, or roads, or various other 
enterprises. First, the rate of interest is about iy2 to 2% higher than 
the rate of interest at which the State can borrow. Second, after the 



GEORGIA BANKERS' ASSOCIATION 61 

bonds have been issued, there are all sorts of questions raised, and no 
official without pay is ready to answer the questions. Third, the bonds 
are carried by some local officer to New York or Chicago, or some 
other city, where an attempt is made to sell them, frequently by a 
County Commissioner, or other officer, who knows nothing at all con- 
cerning financial methods, particularly the marketing of bonds, the 
technical work. A group of one to three local officers might spend 
from one day to a week or two in some Northern city trying to find 
how to dispose of those bonds. Probably, after wasting time and money 
the bonds are sold below par, after paying commissions, perhaps. You 
know your State much better than I do, and what the local practice is, 
but I know it in hundreds of communities, and I know how bad it is. 

First, we must remember that the local issues of series of bonds are 
small. It is therefore a retail job. We hear much at the present time 
concerning the middle man. I don't know whether you hear of him 
much down here or not. I don't know how many of us could class our- 
selves as middle men. We all know, however, that they are men, who 
have studied things of this sort, and we all know that the individual 
buyer buys in small quantities, and the individual seller generally sells 
in small quantities. Take six million farmers selling farm products, 
and twenty million families buying farm products. The individual 
farmer can't deliver directly to the individual buyer without serious 
difllculties. So the individual seller sells products, which gradually 
accumulate into large quantities, and then are gradually distributed 
into small quantities. Here we claim there is a great waste. Whether 
that be true or not in the general field of marketing or merchandising 
I will not say. I do know, however, that we have a good chance in 
the case of county and local municipal bond issues to materially im- 
prove upon our present system in almost all States in the United 
States. I am going to, then, in just a minute, tell you what some other 
States are doing, and illustrate what this State can do. Mr. Harris 
might advise you, if he was here. I am not in the advertising business; 
I can tell you, however, what others are doing. 

First, I might illustrate the situation in Arizona. When that former 
territory was converted into a State, many of the municipalities and 
counties were practically bankrupt, and had large amounts of out- 
standing bonds. The reputation of the local government was at 
stake. There was a chance that the outstanding bonds would not be 
paid. The interest rates were excessively high, as they have been in 
the South and West, and as they are in any new country without 
sufficient local funds to handle its needs. Congress was appealed to, 
and Congress authorized the State immediately upon entering State- 
hood to assume liability for county and municipal bonds outstanding, 
and new series be issued, and the State did so. Several million dol- 
lars of outstanding local bonds were taken in by the State, and issued 



62 PROCEEDINGS OP THE 

by the State as State bonds, not called direct bonds, but contingent, 
guaranteed however by the State. The State was given the power 
not only to guarantee them, but to guarantee herself against loss by 
levying on each county or on each municipality a sufficient additional 
mill or rate, not only to pay the interest, but to create a sinking fund, 
so the debt or the bonds or the obligation of that local unit might be 
wiped out. The State of Arizona, a frontier State at that, with a very 
small population too, assembled the bonds of the local units, and issued 
them as State continigent bonds, succeeded in borrowing money at 2 
to 3 percent lower, placed the bonds, and by creating a sinking fund, 
and levying directly upon the people of those counties in proportion 
to their debt, has handled that problem beautifully. 

New Mexico asked for the same priviledge, and it was granted, but 
the State has not found it necessary up to date to act until, I under- 
stand, a few months ago it was definitely decided to take over all out- 
standing bonds of local governmental units. Those are simple illustra- 
tions. 

I shall not try to go over all the United States. I assume that the 
reason Mr. Harris is on the program for this subject is because one 
day We were talking, and I asked him what he thought of the Massa- 
chusetts system, and we looked over, and found that the State of 
Massachusetts had assumed responsibility for over one hundred mil- 
lion dollars of outstanding obligations of metropolitan districts within 
the State; that is to say, the small districts in the State of Massa- 
cliusetts had been borrowing in order to improve, to build Government 
buildings, improve the roads, establish lighting systems, water sys- 
tems, sewage systems, garbage disposal plants, etc. I found that 
the State of Massachusetts had agreed to accept this liability as a 
State contingent liability, and followed the general scheme outlined 
for Arizona. In other words, the people of the specific district con- 
tinue to bear the burden of the bonded indebtedness against it, be- 
cause it is taxed for that special purpose, but it is levied by the State, 
and collected by the State, to pay the interest and create a sinking 
fund to wipe out the debt. Now, as I say, the State of Massachusetts 
has taken over one hundred million dollars of those local metropolitan 
districts' debts. Not only that, but they are able to borrow money 
cheaper and cheaper. 

It was thought that the State was taking over so much of this, and 
assuming such an immense liability, that the State would find itself 
unable to market its bonds. Instead of that, this State is selling its 
bonds at a lower rate than Georgia is at the present time I believe, 
and these bonds represent local debt rather than State debt. You 
can see that you gain from issuing large series of bonds, you cut out 
all the local expense, and you are able to sell these bonds at a rate 
of interest similar to what the State bonds now bear. All these 



GEORGIA BANKERS' ASSOCIATION 63 

bonds then filter down to the investors, who will buy these bonds 
instead of depositing their money in savings banks to that extent. 

You will see at once it is an immense saving. In fact I talked to 
the officers of two or three States, where the rates of interest of 
counties and small municipalities happened to be very high, and by a 
mathematical process well-known to every insurance man and book- 
keeper, ascertained how long it would take to create a sinking fund 
merely out of saving, allowing the counties to pay their present rates 
— that is, let the State reissue the bonds at the rates at which it 
could issue them, and hold the difference between those rates and 
present rates as a sinking fund — how long do you suppose it would 
take the State to wipe out the debt? Let's say there's fifty million 
dollars of municipal and county bonds in his State, from 24 to 30 
years. The waste there within the period of 25 to 30 years would 
wipe out the present outstanding bonded indebtedness of the local 
units. 

Now, of course difficulties arise at once. First of all, these bonds 
are still outstanding, and you cannot call them in probably at once. 
You could, however, handle all new issues and re-funding of bonds, 
because it is unfortunately true that most municipalities and counties 
do not provide sinking funds, and, when the bonds do fall due, they 
have to issue a new series refunding them. It would be possible to 
have a State officer designated for that purpose, the State Treasurer 
for instance. It would be possible, I believe, for any one of the 
States, which has not already taken this method of procedure, to great- 
ly reduce the cost of borrowing money to local communities. 

A recent illustration of this is Rhode Island. In that State they 
wanted to develop their aesthetic temperments, I suppose was the real 
motive. They decided they would have more parks and driveways, 
and they established park districts about the State — of course it is not 
as large a State as Georgia — but they decided at least to beautify the 
State, and the Legislature authorized the creation of park districts in 
different parts of Rhode Island. In order to borrow money, in order 
to improve the State from the standpoint of beautiful drives and parks, 
the State undertook to assume the same obligation, and have a con- 
tingent debt in Rhode Island called the Metropolitan District Debt. 
It is really the park debt amounting to $250,000. 

I need not go further in order to illustrate the possibilities in this 
field. It is possible for any State of this size, with the amount of 
outstanding obligations you have, to save one to two million dollars 
a year, because, if in 25 to 30 years you can wipe out a fifty million 
dollar debt out of these waste items, it would mean an annual saving 
of from one to two million dollars. 

At the risk of treading on the toes of Mr. Harris, of Illinois — I 
know he will never say so, for we work in harmony — and believing 



64 PROCEEDINGS OP THE 

that you will allow me five more minutes (I have taken in all 15), I 
want to say one word on rural credits, because it is this same subject 
that I have been talking about. The biggest need of agriculture today, 
is a long time loan, similar to what your municipalities, your counties, 
your corporations, your big business organizations now have. The 
biggest individual need of farming today is the long-term loan. I 
have practically done nothing else in my life except live on a farm. 
In my absence today my brother and father are managing for the 
three of us 1,000 to 2,000 acres in crops. The biggest need is a 
long term loan for several reasons, and I shall just name them 
and not discuss them at all. I hope, if Mr. Harris is here, that he 
will hammer on this point tomorrow. Unfortunately I have to be 
back in the North tomorrow; otherwise I would like to hear him. 
In this State less than half of the land area is actually in 
use. It is not in use because it cannot be improved without credit. 
You cannot hire labor. The farmer will not borrow for a few months 
or a year the amount necessary to improve, knowing that he cannot 
pay it back in a year. The need is a 25-year loan on land, so that more 
land may be brought into farms; and, second, so that the land now In 
farms may be brought into use. You know that half of it is lying in 
stumps, stones, or swamps, or something wrong with it; it's not in use; 
third to improve the building equipment of the farm, to drain, or irri- 
gate, or fence; to stock the farm with live stock to do the work, and 
with machinery to do the work; and, in case of a tenant, so that he may 
make part payment on the farm, and become an owner. 

I should like to ask this question. How many of you could succeed, 
if each year you went to a new bank as cashier or officer? How many 
of you could succeed, if you changed each year to a new community 
to start to do business? You would all be failures practically, and yet 
under your tenant system down here over half of all the croppers 
move each year to a new farm, to a piece of land they know absolutely 
nothing about, and merely scatter some seed, and then try to watch it 
grow. Why? Because they are tenants, because they can't own a 
farm. The greatest need of agriculture is a system of banking provid- 
ing for a long term loan to do these things. 

The bank should be so created, too, that it could assemble these mort- 
gages, having gotten a big bunch of them together, and issue land 
mortgage bonds the same as a municipality or any other public organi- 
zation issues bonds. Investors would grab at them, and crop farmers 
could do something under the long-term land mortgage system. They 
would know that they were not going to be called on each year, or any 
year, to pay all of it. They know they must pay interest, and create 
a small sinking fund, an amortization fund, leaving the land improved, 
developed and prosperous, after wiping out the debt. It would be the 




E. C. Smith, Griffin, Ga. 
Treasurer. 



GEORGIA BANKERS' ASSOCIATION 65 

biggest thing for the bankers of the South, as well as for the farmers, 
if that sort of a reform could be brought about. 
I thank you. (Applause). 

Mr. B. W. Hunt (Eatonton) : I have been reading after Dr. Coul- 
ter, and I want to ask him just in five minutes to tell us what the 
New York law is that has been enacted after what Congress has 
tried to enact. 1 notice in the papers that they have a rural credit 
system, whereby trust companies and savings banks are going to reach 
these people. 

Dr. John Lee Coulter: It merely is this: That in the State of 
New York there are large numbers of savings banks and trust 
Companies which now handle practically all of the savings of the 
people, and do a mortgage business. There are also in New York 
large numbers of building and loan associations for the villages and 
cities. A law has just been passed by the State Legislature, which 
adjourned a few days ago, practically forming a State institution, 
or authorizing the inauguration of a State institution, the members 
of which will be any of these other institutions, which can qualify 
and do a type of business described, the State institution simply 
holding the mortgages and issuing bonds for New York farm loans. 

Mr. B. W. Hunt (Eatonton) : Only the central organizations can 
do that ? 

Mr. John Lee Coulter: Yes. It must hold the mortgages of all 
the different locals. The different locals make loans, and, when 
they want outside investment money, they send in a bunch of the 
mortgages and get it. 

Mr. B. W. Hunt (Eatonton) : Mr. President. I think we are ex- 
ceedingly fortunate in having with us the man who has made plain 
to the reading people in the reports of that joint committee of the 
House and Senate the whole movement in America towards rural 
credits on a different plan from that of Europe, as we live on a 
different plan. Dr. Coulter has been appealed to by members of that 
committee on statistics, and he has shown by raising his voice, 
when necessary, what has been done in this country, and what 
might be done towards taking the poor landless man, and making 
him an owner of real estate. I want to move a vote of thanks to 
Dr. Coulter for what the country owes to him, and I want the bankers 
to know that he is a near Georgian. Dr. Chas. E. Little, of the 



66 PROCEEDINGS OF THE 

Peabody College of Teachers in Nashville wrote me a few days ago 
that, when Dr. Coulter was through in Washington, he would take 
a chair in Nashville, and this whole section will profit by Dr. Coulter's 
teaching. 

Dr. Little has asked me to come there and meet him; I didn't 
expect to accidentally run on him here; but since we have got him 
here in Georgia, we want him to know that we Georgians appre- 
ciate the information, which he carries in better form and with more 
encyclopaedic range than any other man that I know. I ask a 
rising vote of thanks to him for his coming, for we consider our- 
selves fortunate in having him. 

This motion was seconded by Mr. Groover, of Reidsville, and car- 
ried unanimously by the entire Convention rising. 

Secretary McFadden : I wish to announce that through the cour- 
tesy of the Atlanta Clearing House Association the privileges of 
three of our principal Clubs have been extended to all the delegates 
and guests of the Georgia Bankers Convention. They are the Cap- 
ital City Club, the Atlanta Athletic Club, and the Piedmont Driving 
Club. The cards, which were printed, did not reach the registration 
desk until this morning, and those who registered last night will 
kindly call at the registration desk and obtain club cards. 

Furthermore, there are still a few, probably thirty or forty ban- 
quet tickets unsold. So any of you without them need feel no 
hesitancy in applying for these tickets. 

President Hillyer: The South has been honored in the appoint- 
ment of Mr. W. P. G. Harding, of Birmingham, on the Federal 
Reserve Board. I read his telegram this morning, expressing his 
greetings and regrets at being unable to be with us. 

Now is there any further business to come up at this session? 

Mr. G. H. Smith (Brunswick) : Mr. President, under the head of 
resolutions I would like to present this resolution: 

WHEREAS, Captain F. D. Bloodworth is an applicant for appoint- 
ment as a director in Class C of the Regional Reserve Bank to be es- 
tablished in this District; 

AND WHEREAS, Captain Bloodworth is recognized by the bankers 
of Georgia as a business man and banker of high capacity, and with 
an honorable record; 



GEORGIA BANKERS' ASSOCIATION 67 

BE IT THEREFORE RESOLVED, That the Georgia Bankers' Asso- 
ciation in meeting assembled hereby records its endorsement of the 
candidacy of Captain Bloodworth, and believes his appointment will be 
satisfactory to the bankers of this District. 

I offer that resolution. 

Mr. Jos. W. Heffernan (Savannah) : I heartily second that, Mr. 
Chairman. 

The resolution was then put to vote and carried unanimously. 

Mr. Z. H. Clark (Moultrie) : Mr. President, I think it is nothing 
but right that Mr. Harding's telegram should be acknowledged, and 
the congratulations of this Convention extended. 

This was put in the form of a motion, and seconded, and carried. 

President Hillyer: The Secretary will attend to it. 

I will now appoint on the Resolutions Committee: 

Mr. F. T. Hardwick. 

Dr. J. T. Culpepper. 

Capt. F. D. Bloodworth. 

At 12:15 P. M. the morning session was then adjourned. 

MEETING OF THE MEMBERS OF THE AMERICAN BANKERS' 

ASSOCIATION. 

After the five Groups had held their several meetings to select 
the members of the Nominating Committee, the members of the 
American Bankers' Association assembled. 

Mr. Z. H. Clark, of Moultrie, was nominated and unanimously 
elected Vice-President from Georgia of the Amjerican Bankers' 
Association. 

Mr. Carl H. Lewis, of the Central Bank & Trust Corporation, of 
Atlanta, was elected as the delegate from Georgia to serve on the 
Nominating Committee of the American Bankers' Association. 

Mr. F. T. Hardwick, of Dalton, was elected as an alternate 
of the Nominating Committee of the American Bankers' Associa- 
tion, so that, in the event Mr. Lewis was prevented for any reason 



68 PROCEEDINGS OP THE 

from attending the meeting of the American Bankers' Association, 
Mr. Hardwick could serve. 

There being no further business before the meeting, the same 
was adjourned. 

THE LUNCHEON. 

At one o'clock the chartered street cars which were in waiting 
at the Luckie street entrance of the Piedmont Hotel, conveyed the 
members of the Association and their guests to the Piedmont Driving 
Club, where a most delightful luncheon was served. 

Many of the Georgia Bankers have enjoyed Atlanta's hospitality 
at the Piedmont Driving Club before, and the luncheon on this 
occasion was well up to the high standard heretofore set at this 
famous place for social gathering. Everyone present expressed 
thanks and appreciation of this delightful social feature of the 
Convention. 

THE BASEBALL GAME. 

After the luncheon at the Piedmont Driving Club, almost all of the 
delegates and their guests, who were present at the luncheon, took 
advantage of the complimentary baseball tickets, and saw the game 
between Atlanta and Chattanooga at Ponce de Leon Park. 

This was most refreshing recreation, and the Atlanta Clearing 
House Association received many expressions of thanks from the 
members of the Convention for this thoughtful courtesy. 

It was a good game and worth seeing, and the fact that the mem- 
bers of this Association are bankers does not prevent them from be- 
ing enthusiastic fans. The way they yelled showed that they are 
used to baseball. 

THE BANQUET. 

The following clipping from the Atlanta Constitution of May 9th 
gives an interesting account of the banquet which took place at the 
Capital City Club on the evening of May 8th: 

GEORGIA BANKERS MEET AT BANQUET 

First Day's Session of the Association Closes With a Brilliant Affair 
at Capital City Club. 

No more brilliant or unique banquet was ever given in Atlanta than 
that which was tendered the Georgia Bankers' Association at the 
Capital City Club last night. 



GEORGIA BANKERS' ASSOCIATION 69 

If the bankers don't want to come back to Atlanta for their next 
convention or the next after that It is not the fault of the committee 
having last night's affair in charge. 

Fully 400 bankers from Georgia and many prominent members of the 
American Bankers' Association attended last night's banquet. 

As each guest was seated he discovered at his plate a handsomely 
engraved document which is a familiar object in banking houses. 
It was a bond with coupons attached. A perfectly good bond it was, 
too, negotiable by any individual with a good appetite and a sense of 
humor. The coupons represented the various courses of the menu and 
the several cabaret numbers which were sandwiched in between 
things to eat and drink. The tables were exquisitely decorated and 
the menu was an excellent one. 

Robert F. Maddox acted as master of ceremonies and introduced 
the various cabaret numbers, all of which are to be seen at the 
Forsyth this week. 

One number which was not on the program, but which provoked a 
great deal of merriment, was the presentation to Harry Haas, of Phila- 
delphia, of a beatifully gowned young female, who persisted in sitting 
at the table with him and staring fixedly at Col. John Temple Graves. 
Other than the fact that her first name is Vivian and she is a friend 
and roommate of Henry Kennedy, of the Fulton National bank, little 
seemed to be known of her. 

Roommate? Yes, roommate — that and nothing more. But, you ex- 
claim in surprise, Henry Kennedy is a bachelor! Yes, that's true — 
Henry is a bachelor and Vivian — well, Vivian is a wax figure, but her 
lieart has not melted one little bit despite the close proximity to so 
charming and eligible a young man. 

Vivian seemed as much at home with Mr. Haas as with Mr. Kennedy, 
and was just as communicative in the presence of Colonel Graves 
as to either. 

Colonel Graves was the last coupon on the bond and he acquitted 
Tiimself in his usual attractive style. In passing he said that he for the 
:first time realized the true greatness of William Jennings Bryan who, 
during his hours out of ofiice, came in keen competition with "bottle 
balancers and yodelers." He did not feel himself equal to the occasion 
of competing with the vaudeville performers who had preceeded him, 
but his remarks were greeted with fully as much applause. 

Following the banquet, many of the guests remained for an informal 
-dance in the ball room. 

President Hillyer, in introducing the Hon. John Temple Graves, 
the only speaker of the evening, said in part: ''He is one of the 



7U PROCEEDINGS OF THE 

few men, of whom it can be said that, when he speaks, the air is 
still. It will be an inspiration to us to hear his sweet and honeyed 
sentences, and I am sure the ladies present on this occasion will be 
an inspiration to him, for he has been here where he could see 
their smiles. Do you know nothing on earth can smile, so it is said, 
but the race of man. Gems may flash reflected light, but what is 
a diamond's flash compared with the flash of an eye? Flowers are 
beautiful, but they cannot smile, nor can any other living thing. 
It is the prerogative of man, and especially of woman, and the face, 
that cannot smile, is like the bud that cannot bloom, and dries upon 
the stalk. Laughter is day; sobriety is night; but the smile is the 
gentle twilight, which hovers between the two, and is more delight- 
ful than either. 

I take pleasure, ladies and gentlemen, in introducing to you the 
orator of the evening, the Hon. John Temple Graves.'' (Applause), 

ADDRESS BY HON. JOHN TEMPLE GRAVES. 

Mr. Chairman, Ladies and Gentlemen: 

I have not the shadow of a speech in my mental or physical anatomy 
tonight, and, if I had one, I should say that every possible suggestion 
of oratory, every suggestion of the humorous speech, peculiar to 
banquets or festive occasions, has been utterly destroyed by my 
environment. 

I realize today what a very remarkable man is the Honorable Wil- 
liam Jennings Bryan. I have been acustomed in my irresponsibility 
as an American journalist to indulge in several recent gibes at that 
distinguished statesman. I take this immediate occasion to apologize 
for all I have said, and to elevate him in your own admiration and my 
kindly regards as one of the most brilliant and accomplished states- 
men that I have ever known. (Laughter). I have never realized 
exactly the competition, with which he had to compete. So far as I 
am concerned, Mr. Bryan is a greater statesman than I thought he 
was, and yet I believe, if I shall have retired from this occasion with 
a reasonable degree of your kindly regard, I have the very best claim 
to greater statesmanship than the distinguished Secretary of State. 
(Applause). It is a very easy thing to compete with a mere yodler 
and ball-balancer on the chautauqua platform of our common country, 
but the man who can compete with the cream of the vaudeville stunts 
of the city of Atlanta, is really entitled to a reasonable degree of your 
regard and kind consideration, and should be esteemed a citizen 
worthy of future emolument. (Applause). 

Now, I don't know, but it seems to me as I stand here tonight. 



GEORGIA BANKERS' ASSOCIATION 71 

modest, and impressed overwhelmingly with the responsibilities of 
this occasion, that I would find no difficulty in competing with a ball- 
balancer, and a mere yodeler, upon the chautauqua platform of my 
country, but the man who has to compete with the magnificent ren- 
dition of the tango, the man who has had to follow fast and swift 
after those sirene voices, which have sung of the trained nurses who 
bear their place in our affections and our regard, the man who has had 
to follow after Collins, whose voice has pleased the ears of thousands 
of my countrymen, is subjected to a competition in which no mere 
orator has a single chance to have a showing. (Applause). 

And so it is perhaps fortunate for me to come without responsibility 
and without preparation to extend to you the salutations, which I deem 
to be my measured duty here tonight. If I had had any other desire 
to do anything else, it would have been absolutely dissipated by my 
immediate environment. On my right hand, and on my left, in front 
and on either side, are gentlemen, whose whole tone and tenor of 
conversation has dispelled every serious reflection in my anatomy. I 
candidly confess that, while I have sat here in this environment in a 
frantic endeavor to elicit some suggestion as to what I should say I 
have produced nothing, not even so much as a hint, nothing even in 
the iconoclastic introduction of the Chairman of this occasion. Up to 
the time, when the lights were low, I had shared the delusion in com- 
mon with my distinguished fellow-citizens on either side. The lady 
upon my right, whose eyes were turned in this direction, had insid- 
iously ensnared every man at the table around me. The two Jones's, 
one from Brooklyn and one from Atlanta, equal in gallantry and equal 
in embonpoint, cast their eyes in that direction, and felled my hopes. 
The Chairman of this occasion, always given to those little diversions 
from the serious responsibilities of a toastmaster, cast his own eyes in 
that direction. The lady's fixed eye — now that I have discovered her, 
and that she is not real, but is absolutely artificial, as I have been 
sometimes disposed to consider many of her sex — exercised upon 
his judgment and discretion such an absorbing influence that I was 
not able to extort from him a single intelligent remark, or a single 
concrete suggestion as to what I should say to this audience tonight. 
(Prolonged applause). 

Very well, I am here simply to extend to you from Atlanta, of 
which I am a now returned citizen, the salutations and the hearty 
welcome, which capital city always gives to the best and most 
representative citizens of the State. It is my happy pleasure to 
greet you here tonight, my happy pleasure to tell you how glad 
Atlanta always is to salute the flag of money. (Applause). For my 
own part, it is to me a source of surprise, as well as of great pleasure 
to see millionaires relax. (Applause). I have always from the 



72 PROCEEDINGS OF THE 

earliest days of my existance up to this tremulous hour felt much of 
my natural self-confidence waning, when I would stand in your illus- 
trious presence. I have always been afraid of you. I have always 
remembered those little notes and sheets of paper, which have estab- 
lished your sovereignty and supremacy over my present condition 
and my future prospects. Yet tonight I have experienced a sense of 
joy far in excess of that, which came to me from your kind invitation 
to be present here tonight, in the thought that I stand for this single 
moment upon equal terms with the best of you, and by the aid of this 
artificial elevation indeed I stand fully equal, if not superior, to the 
hungry crowd, who sit below, ( Laughter). I have great faith in you 
gentlemen of the money bags, and I have evidenced it in the past, but 
I have sometimes felt in my haste that I should like to avenge myself 
upon you for the influence which you have exercised upon my life by 
withdrawing my overdrafts from your several banks. (Laughter). 

I believe that upon this occasion I might drop for one moment and 
one final moment into a vein of seriousness; yet it is a glorious thing 
to see the money kings of the South relax in enjoyment and abandon; 
and I realize that a man would be most unwise who would undertake 
it in the wake of such a program as that which has gone before. I 
believe though that nothing is more hopeful and inspiring than the 
recent developments in banking circles in our own midst, and in 
view of the strenuous efforts of the past few weeks you have earned 
the right to relax. I think the events of the past fe^ weeks furnish the 
best possible illustration of the fact that the South is once more in the 
saddle and riding majestically. 

The last time I sat on a serious occasion in this hall we listened 
here to the members of that committee who were to establish a 
Regional Bank in some section of our common country, and the 
Secretary of the Treasury was the principal speaker of that evening. 
He flirted most outrageously with the city of Atlanta, and left you 
with not one shadow of hope or expectation that Atlanta would ever 
have a Regional Bank. He was in the business of flirting at that time, 
and most successfully. I never believed him then any more than I 
believe him now. I believed he was a gay deceiver, and I knew then, 
as I know now, that Atlanta was just as certain to get a Regional 
Bank as that she gets everything she goes after as the natural re- 
ward of what my friend, Col. McCord, sought so diligently to get 
from the National Congress some seven or thirteen years ago. (Ap- 
plause). 

I believe that there is nothing more suggestive, nothing more 
hopeful, nothing more inspiring, than the cheerfulness of the men 
who rule the money of the South. I don't think anything means more 
than the fact that money is enjoying itself, that money knows how 
to relax, that business in the South knows how to be happy, because 




Orville a. Park, Macon, Ga. 
General Counsel. 



GEORGIA BANKERS' ASSOCIATION 73 

I think that in our relaxation, all the way from the jokes of Collins 
to the tango of the charming lady who swept up and down this aisle 
in a breeze of delight, we learn the great lesson that the gist of life 
and enjoyment is learning how to enjoy ourselves, and how to take the 
cobwebs out of our brains by a little sunshine and a little joy and a 
little humor, which makes the whole world kin. 

I think that in solving the great problems of the world, the great 
problems of living, the great problems of sociology, the problems of 
the relations of man to man, the problems of the relation of the 
philanthropist to his beneficiary, nothing can be more inspiring or 
more elevating than the fact that money is coming to think, to think as 
human, to think as philanthropic, to think as co-operative with the 
ends and the aims of the age about it; and, while we gather to our- 
selves and our hearts the suggestions of this new Americanism, this 
new thought, this new sweeping of money into the channels of practi- 
cal life and philanthropic action, we see in the distance the hope of 
this Republic, and the eye of the Commonwealth is set toward the 
morning. (Prolonged applause). 

At the conclusion of Mr. Graves^ address the banquet ended, Presi- 
dent Hillyer announcing that those who cared to dance could go 
from the banquet hall downstairs, where a dance was in progress. 

At the hour of 11:15 P. M. the banquet came to a close. 

MORNING SESSION— May 9th, 1914. 

The morning session the second day, May 9th, 1914, the Conven- 
tion was called to order at 10:00 o'clock by President L. P. Hillyer, 
of Macon. 

President Hillyer: The first thing on the program this morning 
will be a talk from Mr. Eugene W. Stetson, member of the Execu- 
tive Council and Committee on Law of the American Bankers' Asso- 
ciation, upon the progress of the National Association. 

Mr. E. W. Stetson (Macon) : Mr. Chairman, as I understand 
it, my report is to be very informal, giving a few facts and statistics 
regarding the progress of the American Bankers' Association. I 
assure you it will be very brief. 

There are at present 14,270 members of the American Bankers' 
Association. Georgia has 409. There is only one Southern State 
ahead of Georgia in the membership; that is Texas with 465. We 
only need from Georgia ninety-one more members to get a new mem- 



74 PROCEEDINGS OF THE 

ber on the Executive Council of the American Bankers' Association. 
The By-laws of the American Bankers' Association provide for one 
member from each State which has 100 members of the American 
Bankers' Association. The second member can only go on when 
200 additional members from the State have been added to the rolls 
of the big Association. Two hundred more members after the three 
hundred have been secured entitles the State to another represen- 
tative on the Executive Council. We now have about fifty per cent 
of all the Georgia banks enrolled in the American Bankers' Asso- 
ciation, and, if we can get ninety-one more members, as stated be- 
fore, it gives us an opportunity for another representative. 

The American Bankers' Association is making an extra effort to 
enroll 15,000 members by the Richmond Convention, which meets in 
October of this present year. The membership of the American 
Bankers' Association has increased from 9,297 in 1907 at the rate of 
practically 1,000 new members per year, and they confidently hope 
by the Richmond Convention that we will have over 15,000 members. 

The financial condition of the American Bankers' Association 
is reflected in the Treasurer's report. There is cash on hand in 
three banks, it being equally distributed — $30,000 in the Continental 
and Commercial National of Chicago, $36,582.66 in the National 
Bank of Commerce, New York, and $33,687.07 in the City National 
Bank of Galveston, Texas. In addition to the cash on hand the 
American Bankers' Association owns and carries on its books $118,- 
734.51 in good first mortgage bonds. So you see that the real parent 
Association is in good financial condition. 

At the Executive Council meeting held at Hot Springs, Va., last 
week the two members from Georgia, Mr. MeCord and myself, were 
present. Mr. Ottley represents the Clearing House section 
of the American Bankers' Association, and is an ex-officio 
member of the Executive Council. All three of the representatives 
from Georgia attended the Convention, and were at all sessions at 
all times. There are eighty-six members on the Executive Council, 
and out of the eighty-six, seventy-two were at Hot Springs, and all 
seventy-two answered the roll call on the first day. The Georgia 
members remained throughout. There were no addresses at this 
Council meeting, but everybody got down to real business, and there 
were inaugurated many ideas, which we believe will be profitable 
to all of the bankers all over the Union. One of the most important 
features was a new cipher code gotten up by six of the ablest bankers 



GEORGIA BANKERS' ASSOCIATION 75 

in the United States. In the Secretary's report to the Executive 
Council he states that the new cipher code after several months of 
preparation is now being sent out to our entire membership. This 
is a very comprehensive and complete volume of 264 pages. There 
is an edition of 20,000 copies, which probably will be sufficient to 
supply our increasing membership for some time. So you gentlemen, 
who are members of the American Bankers' Association, will get one 
of these cipher codes by mail. The Executive Council passed a reso- 
lution, asking that every member of the American Bankers' Asso- 
ciation use these words on the member bank's stationery — '*A. B. A. 
Code used." As I understand it, the cipher code is very simple, 
and will mean a splendid addition to the telegraphic advices over 
the country, and simplify them very much. 

In the protective work of the American Bankers' Association a 
very important report was rendered. I will read an extract: ''For 
the period from September 1, 1913 up to and including March 31, 
1914, the Committee begs to report cases against criminals as fol- 
lows: 

Total cases not disposed of, arrested prior to 

September 1, 1913 143 

Total arrests since September 1, 1913 170 



Making a total of 313 

Convicted during that time 172 

Released, escaped, insane, and died 63 

Making 235 



And only 78 

out of 313 awaiting trial. 

Another interesting feature of the protective Committee's report 
was as follows: The following figures are given for your informa- 
tion of reported and attempted burglaries on banks since the in- 
auguration of the protective feature, such as are known: On non- 
members 1,461, and their loss was $2,098,626.08. On members, which 
had burglary protection, 389, and their loss was only $246,796.33. 
The difference in number between the non-members and the members 
attacked was 1,072, and the difference in the loss between member 
banks and non-member banks was $1,851,829.75. 



76 PROCEEDINGS OF THE 

Those figures are worth considering, and it shows what an A. B. A. 
sign will mean over your teller's window. 

I need not refer specifically in detail to the legal department, 
because it is carrying on a very comprehensive and exhaustive work 
in the City of New York, and they are getting out the various re- 
ports and the bulletins, which you always have the opportunity of 
reading, and you will find some of them very interesting. 

What I consider one of the most important reports made at the 
Hot Springs Convention was the Insurance Committee's report. It 
was a new Committee established last year by the Executive Council 
at Boston, and Mr. 0. J. Sands, of Richmond, was made Chairman, 
and Mr. Sands and his Committee gave a wonderful amount of time to 
this work, and, as Mr. Sands stated in his report, ^'we have simpli- 
fied fidelity and burglary policies in favor of the banker." It is 
merely a contract today without so much writing and legal terms, 
and one, which means, if a bank has a defalcation or a burglary, 
that there will be a very prompt payment. Now policies are entirely 
in favor of the bank, and every reputable insurance company in 
the United States will give you an A. B. A. policy. We passed 
a resolution recommending that every member bank call for an 
A. B. A. form policy. I would advise the members of the Georgia 
Bankers' Association to look into those new policies, when their 
policies are renewed. 

Another very interesting report was the report of the Committee 
on Agriculture. I am sorry that Mr. Harris, who was Chairman of 
that Committee, is not to be with us, and give his views, as outlined 
by him before the Executive Council. There was only one mistake 
in his report, which I called his attention to, and that was he didn't 
give Georgia credit for the co-operative influence between the banker 
and the farmer as far as Georgia is concerned. I know there is no 
State in the Union, which has a greater co-operative influence exist- 
ing between the banker and the farmer, than the State of Georgia. 
In the Georgia Chamber of Commerce there are fifteen members of 
the Executive Council, and nine of them are bankers. In the Georgia 
State Fair Association there are eighteen members of the Executive 
Council, and about four of them are bankers, giving their time, abil- 
ity and money to the co-operation between the banker and the 
farmer. I can go ahead and outline many bankers, who are mem- 
bers of Boards of Trade, and Chambers of Commerce, all over the 
State, as well as various Boards of Education, who are doing a good 



GEORGIA BANKERS' ASSOCIATION 77 

work in this direction. As I stated to him, I was proud of Georgia's 
record in a co-operative way between the banker and the farmer. 

Another very important feature was the report of the Law Com- 
mittee. Unfortunately, I was not able to attend the meeting, as my 
train was late. The Committee met at 10:00 o'clock; I didn't get in 
until 12:00 by reason of the delay, but a very comprehensive and 
exhaustive report was made, and some of the statistics given by the 
Law Committee in reference to the laws passed in various States 
were interesting, although I am not going into that except very 
briefly. The only feature I want to call particularly to your atten- 
tion is the fact that Georgia is one of the few States in the entire 
Union, which is not keeping abreast of the times in the matter 
of passing the various uniform laws recommended by the American 
Banker's Association. I might mention that some of those laws ad- 
vocated are as follows: 

False statements to obtain credit. 
Derogatory statements affecting Banks. 
Checks or drafts without funds. 

Burglary insurance with express liability for payment on forged 
or raised checks. 

Payments of deposits in two names. 

Payments of deposits in trust. 

Uniform negotiable instruments Act. 

Uniform warehouse receipt Act. 

Uniform Bill of Lading Act. 

Uniform stock transfer Act. 

Underwriting Banks and other corporations. 

You can readily see what a vast volume, and of how much import- 
ance the enactment of these twelve bills may mean in the United 
States. You get uniform legislation in all of the States. Last year 
Georgia did nothing. I received a telegram yesterday afternoon from 
the General Counsel of the American Bankers' Association, which 
I will read only in part: *' Uniform negotiable instruments Act 
passed all Southern States except Georgia, Mississippi, and Texas, 
and all other States except Maine and California. Passed in South 
Carolina this year." I just throw that out more in the nature of 
getting you to think about what Georgia is negligent in, and, if you 
will pardon the suggestion, I certainly hope that a good strong com- 
mittee from this body will be selected this year as the Legislative 
Committee, not for the purpose of trying to revise the State Depart- 



78 PROCEEDINGS OP THE 

merit of Banking, but for the purpose of carrying out the ideas 
of the American Bankers' Association in getting uniform laws. (Ap- 
plause). 

Mr. F. D. Bloodworth (Savannah): Mr. President, I don't be- 
lieve there is any place on the program for the report of the Nomi- 
nating Committee. If you will allow me to make that report, I will 
do it now. 

President Hillyer: All right, Mr. Bloodworth. The Chairman of 
the Nominating Committee will make his report. 

The Nominating Committee unanimously recommended the election 

of the following gentlemen to serve for the ensuing year: 

PRESIDENT — L. G. Council, President Planters' Bank, Americus. 

FIRST VICE PRESIDENT— F. S. Ethridge, President Jackson Bank- 
ing Company, Jackson, Ga. 

SECOND VICE PRESIDENT— C. B. Lewis, Vice President Fourth Na- 
tional Bank, Macon, Ga. 

THIRD VICE-PRESIDENT— Rufus H. Brown, Cashier Georgia Rail- 
road Bank, Augusta, Ga. 

FOURTH VICE-PRESIDENT— J. W. Heffeman, Vice-President Hiber- 
nia Bank, Savannah, Ga. 

FIFTH VICE PRESIDENT— O. B. Bishop, Cashier Bank of Adairsville. 

SECRETARY— Haynes McFadden, Atlanta, Ga. 

TREASURER— E. C. Smith, Vice-President and Cashier Griffin Banking 
Co., Griffin, Ga. 

GENERAL COUNSEL— Hon. Orville A. Park, Macon, Ga. 

President Hillyer: Are you ready to dispose of this report now, 
or do you want to wait for the regular time? 

Mr. E. W. Stetson, (Macon) : I move the adoption of the report. 

Mr. Jos. A. McCord (Atlanta) : I offer an amendment to that, 
to the effect that the Secretary cast the ballot of the Association 
for those nominees. 

The amendment was carried. Motion was carried. 

A Voice: How is the Secretary going to vote for himself? 

Secretary McFadden : It will be unanimous minus the Secre- 
tary. 

I hereby cast the vote of the Association for the list of officers 
as named by the Nominating Committee. 

Dr. J. T. Culpepper, a member of the Resolutions Committee, then 
presented the following resolution : 

BE IT RESOLVED, that the splendid work of the Georgia Cham- 



GEORGIA BANKERS' ASSOCIATION 79 

ber of Commerce in encouraging the increase of food crops and the 
establishment of industries in Georgia, is earnestly commended, and 
that we urge the people of Georgia to give this organization their 
support and co-operation. 

This resolution was unanimously carried. 
Committee on Resolutions beg to offer the following: 

In line with the suggestions of the Chairman of the Agricultural 
Committee this Association shall contribute the sum of $750.00 to 
be equally distributed among the five groups of this association who 
will donate to one boy and one girl from each group to pay their 
tuition in one of the Agricultural colleges of the State, an amount 
equal to one tenth of said appropriation for each boy and each 
girl. This award to be made through a competitive method, thus 
giving the aid to the one who has accomplished most. The award 
to be made through a committee of three to be appointed by the 
chairman of each group. 

Now, gentlemen, it may be necessary to make some little ex- 
planatory remarks on this resolution. Last year we contributed 
$100 to the Boys' Corn Club for a trip to Washington. We 
doubt whether that $100 was very well expended or not. The 
young man very likely enjoyed his trip to Washington, but whether 
he got $100 worth out of it at the expense of this Association is 
questionable, and if we are going to do anything towards the devel- 
opment of agriculture in Georgia this year, it is very necessary that 
we put the money where it will do the most good. Now to enthuse 
the boys in the agricultural department in raising corn and cotton 
and other crops, and the girls in their canning clubs, it will become 
necessary to encourage them by sections, and, as this Association is 
made up of five Groups that incorporates the whole State, it is only 
fair that this distribution should be made in like manner. There- 
fore we have offered the resolution I have read, and we believe that 
this money can be better expended in this way than any other, as 
it will increase the interest of the young people in their developments 
along these lines, and the Committee has thought that a happy solu- 
tion of the whole matter is that $75,00 be contributed to each girl 
and each boy, one from each Group in the Association, and we offer 
this resolution in conformity with that idea. 

Mr. Jos. A. McCord, (Atlanta) : I wish to second most heartily 
that resolution. I think that's one of the best things the Georgia 



80 PROCEEDINGS OP THE 

Bankers' Association lias attempted to do for years. You are getting 
down to the meat of the proposition. You are putting the agricul- 
tural development where it will do good to the State. Its not so 
much to back the farmer as it is to retain the best manhood and 
womanhood on the farm, which is the basis of our wealth. I cor- 
dially second the resolution. 

The resolution was unanimously carried. 

President Hillyer: Next in order is a report from Mr. Joseph 
A. McCord, of Atlanta, Member of the Executive Council and Cur- 
rency Commission of the American Bankers' Association. Mr. Ot- 
tley, being absent, will not render a report. 

Mr. Joseph A. McCord (Atlanta) : Mr. President and Gentlemen 
of the Georgia Bankers' Association: At your last annual meeting 
in Macon I told you that a Currency Bill would pass. I think I 
have made good. It is useless to discuss that; it has been cussed, 
re-cussed, and dis-cussed for seven years until a man is afraid to get 
out on the platform. My friend Blalock and myself talked it with- 
out getting into trouble, but I shall not devote any time to that 
except to say that the bill that has been passed and approved by 
the President of the United States is the first measure in fifty years 
that has liberated the commercial, agricultural and industrial inter- 
ests of this great Union. It has put the matter in such shape that 
the farmer in making his crops can know that he is not coming in 
contact with a panic in selling them; that the manufacturer who 
manufactures his goods, must look out for trade conditions and not 
financial conditions, and the country banker knows what he can do, 
and what he can do in the way of extending loans to his customers. 
Therefore, gentlemen, as the President has said, it is a new free- 
dom. 

Now as to other legislation, Mr. Stetson has reported nearly 
everything that can be thought of, and he and I have agreed on our 
report to you, and I was to take up these features: 

First, the Postal Sa\dngs Deposits. There were two bills before 
the Senate and House. Senate Bill 4503 'introduced by Senator 
Bristow, February 18, 1914, would amend the Federal Reserve Act 
by permitting the Government to deposit Postal Savings with all 
qualified Banks whether members of the Federal Reserve System or 
not. This Bill is before the Senate Committee on Banking and Cur- 
rency, of which Senator R. L. Owen is Chairman, and there is no 




Haynes McFaddex, Atlanta, Ga. 
Secretary. 



GEORGIA BANKERS' ASSOCIATION 81 

probability of action unless the matter is pushed". You gentlemen, 
who are not going into the Reserve System, and who have savings 
deposits, I simply give you this information; if you care to push the 
matter, write Senator Owen or Senator Bristow about it. House 
Bill 7697, as amended limits the balance in Postal Savings Banks 
to the credit of any person, exclusive of interest, to $2,000, and per- 
mits the payment of interest upon amounts up to $1,000. 

This bill, which has already passed the House, is now upon the 
calendar of the Senate, and is under discussion. 

IF THE FEDERAL RESERVE ACT BE NOT AMENDED 

All banks not members of the Federal Reserve Association must 
forfeit Postal Savings funds now on deposit by the Government. 

IF THE POSTAL SAVINGS ACT IS TO BE AMENDED 

The provisions of the Bill now before the Senate are probably all 
that may be hoped for at this time. 

IT IS SUGGESTED 

By E. G. McWilliam, Secretary of the Savings Bank Section, that 
members interested lose no time in communicating with their Sena- 
tors upon these most important matters. 

The next subject I am to handle is the interlocking of directorates. 

The bill, as originally drawn, affected nearly every bank in the 
country, but it has been amended and discussed, and criticized and 
examined until they are getting it now in fairly good shape, and, if 
you will be a littW patient, I will endeavor to give you all there is 
in it. It won't take long. 

To the Members of the Executive Council and of the American 
Bankers' Association: 

The House Judiciary Committee, on Saturday, May 2nd, made public, 
to be reported to the House May 7th, the revised Clayton anti-trust 
bill "to supplement existing laws against unlawful restraints and 
monopolies and for other purposes," Section 9 of which contains, as 
further modified by the Committee, the provisions relating to Inter- 
locking Directorates of banks. Although this bill modifies, to some 



82 PROCEEDINGS OF THE 

extent, the original drastic measure — it eliminates mutual savings 
banks, allows common directorships in banks aggregating less than 
$2,500,000 deposits, capital, surplus and profits, except in cities of over 
100,000 population, and also allows a director to hold office in one 
other bank or trust company where the entire capital of one is owned 
by stockholders of the other — and although, furthermore, a sub-com- 
mittee has just submitted for consideration of the Senate Committee 
on Interstate Commerce an anti-trust bill in which banks are expressly 
excluded from the provisions relating to Interlocking Directorates, 
the importance of the situation in the House to many of our members 
who will be injuriously affected in the possible contingency that the 
provisions of the House bill may ultimately prevail, makes desirable 
this special circular giving immediate information of the provisions of 
this bill that members may have an opportunity to communicate with 
their respective representatives in Congress before final vote in the 
House. 

The original proposed legislation on this subject was contained in 
Section 2 of "tentative print 3" submitted to the House Judiciary Com- 
mittee in January which prohibited directorships in more than one 
bank, where one of them was organized under the Federal Act, with- 
out any limit as to locality or size of bank. After hearings in January 
and February in which modifications were urged, a sub-committee 
draft containing certain modifications but yet very objectionable was 
introduced in the House by Mr. Clayton on April 14th (H. R. 15657) and 
referred for consideration to the Committee on Judiciary. This draft 
has been further modified in the revised bill now made public by the 
Committee, but still unsatisfactory. Following is Section 9, the words 
italicized indicating additions, and in brackets, eliminations from the 
corresponding Section (8) of the bill of April 14th: 

Sec. (8) 9. That from and after two years from the date 
of the approval of this Act, no person who is engaged as an 
individual, or who is a member of a partnership, or is a direc- 
tor or other ofl&cer of a corporation that is engaged in the 
business, in whole or in part, of producing or selling equip- 
ment, materials, or supplies to, or in the construction or main- 
tenance of railroads or other common carriers engaged in com- 
merce, shall act as a director or other ofl&cer or employee of any 
other corporation or common carrier engaged in commerce to 
which he, or such partnership or corporation, sells or leases, 
directly or indirectly, equipment, materials, or supplies, or 
for which he or such partnership or corporation, directly or in- 
directly, engages in the work of construction or maintenance; 
and, after the expiration of said period no person who is en- 



GEORGIA BANKERS' ASSOCIATION 83 

gaged as an individual or who is a member of a partnership 
or is a director or other officer of a corporation which is en- 
gaged in the conduct of a bank or trust company shall act 
as a director or other officer or employee of any such common 
carrier for which he or such partnership or bank or trust 
company acts, either separately or in connection with others, 
as agent (in the disposal of, or is interested in the underwrit- 
ing of) for or underwriter of the sale or disposal dy such com- 
mon carrier of issues or parts of issues of its securities or from 
which he or such partnership or bank or trust company purchas- 
es, either separately or in connection with others, issues or parts 
of issues of securities of such common carrier. 

That from and after two years from the date of the ap- 
proval of this Act no person shall at the same time be a direc- 
tor or other officer or employee of more than one bank, bank- 
ing association, or trust company organized (and) or operating 
under the laws of the United States, either of which has de- 
posits, capital, surplus and undivided profits aggregating more 
than $2,500,000; and no private banker or person who is a 
director in any bank or trust company, organized and operat- 
ing under the laws of a State, having deposits, capital, surplus, 
and undivided profits aggregating more than $2,500,000, shall 
be eligible to be a director in any bank or banking association 
organized (and) or operating under the laws of the United 
States. The eligibility of a director under the forgoing pro- 
visions shall he determined dy the average amount of deposits, 
capital, surplus, and undivided profits as shown in the official 
statements of such TjanTc, hanlcing association or trust company 
filed as provided hy law during the fiscal year next preceding 
the date set for the annual election of directors, and when a 
director has been elected in accordance with the provisions of 
this Act it shall he lawful for him to continue as such for one 
year thereafter under said election. 

No bank, banking association, or trust company organized 
(and doing business) or operating under the laws of the United 
States in any city or incorporated town or village of more than 
one hundred thousand inhabitants as shown hy the last pre- 
ceding decennial census of the United States shall have as a 
director or other officer or employee any private banker or any 
director or other officer or employee of any other bank, bank- 
ing association, or trust company located in the same place. 
Provided, That nothing in this section shall apply to mutual 
savings hanJcs not having a capital stocTc represented hy shares; 



84 PROCEEDINGS OF THE 

Provided further, That a director or other officer or employee 
of such bankers, banking association, or trust company may be 
a director or other officer or employee of not more than one 
other bank or trust coinpany organized under the laws of the 
United States or any State where the entire capital stock of one 
is oivned by stockholders in the other; And provided further, 
That nothing contained in this section shall forbid a director of 
class A of a Federal reserve bank, as defined in the Federal 
reserve Act, from being an officer or director or both an officer 
and director in one member bank. 

That from and after two years from the date of the approval 
of this Act no person at the same time shall be a director in 
any two or more corporations, either of which has capital, 
surplus and undivided profits aggregating more than $1,000,000 
engaged in whole or in part in commerce, other than common 
carriers, subject to the Act to regulate commerce, approved 
February fourth, eighteen hundred and eighty-seven, if such 
corporations are, or shall have been theretofore, by virtue of 
thoir business and location of operation, competitors, so that 
that an elimination of competition by agreement between 
them would constitute a violation of any of the provisions of 
any of the antitrust laws. The eligibility of a director under 
the foregoing provision shall be determined by the aggregate 
amount of the capital, surplus, and undivided profits, exclusive 
of dividends declared but not paid to stockholders, at the end 
of the fiscal year of said corporation next preceding the elec- 
tion of directors, and when a director has been elected in accor- 
dance with the provisions of this Act it shall be lawful for him 
to continue as such for one year thereafter. 

That any person who shall violate any of the provisions of 
this section shall be guilty of a misdemeanor, and shall be 
punished by a fine of $100 a day for each day of the continu- 
ance of such violation, or by imprisonment for such period 
as the court may designate, not exceeding one year, or by both, 
in the discretion of the court. 

While mutual sa\dngs banks are taken care of, this bill bars every director 
or oflacer of a Federal institution from holding office in any other bank or 
banks, irrespective of locality, where either have a capital and deposits 
exceeding two and one-half million and in cities of 100,000 and over, ir- 
respective of amount of capital, a director or officer of a National institu- 
tion cannot hold office in any other bank or trust company except he can 
be in one other institution if all the capital of one is owned by stockholders 



GEORGIA BANKERS' ASSOCIATION 85 

ixi the other; nor can a private banker be a director or officer in any Federal 
institution. 

The above provisions would apply with great injustice to a large number 
of bank officers interested in more than one bank who would be affected by 
the two and one-half million limit. It is not the purpose, of course, to 
dwell in this circular on the extent of the injustice or to frame arguments 
to show that no good policy of law is subserved by the proposed provisions. 
It may be noted, however, under one of the new amendments, how much 
better officers of commercial corporations fare than those of banks. Many 
banks with capital under one million would be affected because their 
deposits will make the aggregate above the two and one-half million limit 
while the officers of commercial corporations with capital under one 
million are not affected. 

The following was heretofore agreed on by our Committee on Federal 
Legislation to be urged as a substitute for the Interlocking Bank Director- 
ate provisions of the House Bill: 

1. Whenever an officer, or director of a bank or trust com- 
pany, member of a Federal Reserve bank^ shall also be an officer 
or director of one or more banks or trust companies located in 
the same city, whether or not members of a Federal Reserve 
bank and which institutions are doing a substantial competing 
business, and it shall appear to the Federal Reserve Board 
upon satisfactory proof after due notice of hearing that such 
officer or director is abusing his position in the way of destroy- 
ing competition between such institutions or exercising an un- 
due control over such institutions in the granting or refusing of 
credit, the Federal Reserve Board shall have power to compel 
the discontinuance of such practices or to require the resigna- 
tion of such officer or director from one or all of the banks or 
trust companies which are members of the Federal Reserve 
bank. 

2. Nothing in this act shall be construed to make ineligible 
the trustee of a mutual savings bank not having capital stock 
from being an officer or director of a bank or trust company 
which is a member of a Federal Reserve bank. 

The Committee also at the recent meeting at Hot Springs reported to 
the Executive Council: 

"In any legislation which is framed by the Congressional 
Committee there doubtless will be included a provision making 
a private banker ineligible as an officer or director of a bank in 



86 PROCEEDINGS OF THE 

tiie Federal Keserve system. Our Cominitteo have not included 
such a provision in our substitute draft but if such a provision 
is retained in the draft of the House Judiciary Committee, we 
shall urge a further provision that the term 'private banker' 
be defined. ' ' 

PRESENT SATISFACTORY SITUATION IN SENATE 

Differing from the unsatisfactory condition in the House the present 
situation in the Senate as to this subject is satisfactory. On May 1st was 
made public an amendment in the nature of a substitute reported by Mr. 
Newlands, Chairman of the Sub-committee of the Committee on Interstate 
Commerce to consider the bill submitted by Mr. Newlands (S.4160) to 
create an interstate trade commission, to define its powers and duties and 
for other purposes. This sub-committee consists of Senators Newlands, Pom- 
erne, Robinson, Saulsbury, Cummins, Brandegee and Townsend. The 
amended draft which now goes to the full Committee for consideration 
contains regulating and prohibitory provisions governing (Sec. 9) Inter- 
locking Directors of competing commercial corporations (Sees. 10 and 11) 
holding companies and (Sec. 12) full paid capitalization and then provides: 
' ' Section 13. Sections nine, ten, eleven, and twelve shall 
apply to all corporations engaged in or affecting commerce, 
except banks and banking institutions. ' ' 

In a conference between Mr. John McHugh, member of our Committee 
on Federal legislation and General Counsel in Washington on May 4th, it 
w^as thought wise, in view of the above situation which has just developed, 
that there be no agitation of the subject in the Senate so long as the 
present policy prevails of leaving the banks entirely out of the Interlocking 
Directorate and Anti-Trust program — that the proper course as to the 
Senate is simply to watch closely the progress of events — but as to the 
House it was deemed wise that members of the Association be immediately 
and fuUy informed of the situation. 

SUGGESTED ACTION 

According to present advices, Mr. Clayton's bill to be reported by the 
House Judiciary Committee will probably be brought up for discussion in 
the House during the week beginning May 11th. It is therefore suggested 
that every bank officer affected by this proposed legislation communicate 
immediately with his representative in Congress, stating his particular 
situation, showing the injury and injustice which would result from the 
operation of the bill as reported, indicating how the continuance of his 
existing relations does not result in any restriction of competition between 
banks nor in any undue control in the granting or refusing of credit nor 
result in any harmful effect contrary to the general purpose of the Anti- 



GEORGIA BANKERS' ASSOCIATION 87 

Trust Laws and urging either the entire elimination of the provisions re- 
lating to banks or at all events their material modification along the lines 
suggested by our Committee. It would be desirable that General Counsel be 
furnished with copies of such correspondence, not especially of a private 
nature, in view of the value of an accumulation of facts upon which to 
base future arguments if necessity arises. 

Now, gentlemen, that's the action of the American Bankers' Asso- 
ciation on the interlocking of directors, and you see how drastic 
the laws that are proposed, and it is our duty to be on the watch- 
tower, and see that we are not legislated out of existence. This is 
getting too far. The pendulum is swinging too far towards reform. 
The action of a few people in selling and inter-selling railroads has 
brought about this legislation, which will swing too far in the op- 
posite direction, if the citizens of this country don't stop it. 

Let me say in conclusion. I have attended several State Bankers' 
Conventions, and several Group meetings, and there is a spirif 
throughout this entire country to bring the farmer and the banker 
close together because we are dependent upon him and he is depend- 
ent upon us. I have never seen a greater unification of sentiment 
and thought and spirit as to bringing together the two great interests 
to develop this great Southland of ours to be the garden spot of 
this American Republic. I believe in the next few years the entire 
Union will have to depend upon the Southland for its meat sup- 
ply. (Applause). 

President Hillyer: We have received the following telegram: 

New York, May 6, 1914. 
Hon. L. P. Hillyer, President Georgia Bankers' Association, 
Atlanta. Ga. 
Greatly regret that I will not be able to be with you. Please extend 
greetings from the Agricultural Commission of American Bankers' 
Association. So fine an agricultural State as Georgia ought to join 
the thirty-two other state associations who are subscribing for the 
Banker-Farmer which the Executive Council at Hot Springs just de- 
cided unanimously to continue. We want your help and suggestions 
in the paramount and unselfish work of the bankers for better agri- 
cultural schools, roads, etc. 

B. P. HARRIS, Chairman. 

Mr. Joseph A. MeCord (Atlanta) : I forgot that. The Banker- 
Farmer is published by the American Association, and an appropria- 



88 PROCEEDINGS OF THE 

tion of $2,500 was made to continue it for another year, and we were 
requested to urge our various Associations to get the bankers to 
subscribe for this paper — 75 cents a year, I think it is — and the object 
is to give this information out to their customers. They can take 
ten copies or as many as they please, and distribute them among the 
farmers, and let them pass it around as a circulating library. The in- 
formation in that paper is good all right, and its right to the point. 
President Hillyer: Now, gentlemen, we are going to have two ad- 
dresses this morning by distinguished visitors, and I certainly hope 
that, after the first address is through, none of you will leave the 
room because the next address will be equally important, and one 
of the best speakers, I understand, that we have. I have never had 
the pleasure of hearing him, but I know that his subject is one of 
great interest to all of us. 

The first address will be: ''THE RELATIONS OF COUNTRY 
BANKS TO THEIR CITY CORRESPONDENTS UNDER THE FED- 
ERAL RESERVE ACT," by Mr. Charles S. Calwell, President of 
the Corn Exchange National Bank, of Philadelphia. (Applause). 

MR. CHAS. S. CALWELL, PHILADELPHIA: 

Mr. President and Gentlemen: 

When your Secretary wrote me, asking that I speak on this topic 
as read by your President, I thought it was a most interesting one, 
and I thought by the time of the meeting a great many details would 
be gotten up by the authorities at Washington that would enable me 
to make some statements and draw some conclusions in regard to the 
relations that will exist between the banks under our new law. Un- 
fortunately our Washington friends have had more trouble than they 
anticipated, and the details are not worked out, and they are still 
studying the question there. I went over to New York to get some 
opinions from the New York bankers about a week ago and they are 
equally at sea. I went to Washington, and came away with practically 
nothing, but I came down anyway, as it gave me a chance to come 
down through Georgia in the spring time, and also get a glimpse of 
Atlanta, one of our Regional Reserve Cities. I was here about 12 years 
ago, and was impressed at that time with your city, and with its 
progressive spirit, but I was hardly prepared to see the city you have 
here now. To see the automobiles by thousands on the streets, and 
the crowds, and the big buildings, I confess was really a suprise to me. 

On the way down I read the report of the Organization Committee 
as to why these different cities had been selected for Regional Reserve 
Banks, and I was still further impressed with the position that Atlanta 




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GEORGIA BANKERS' ASSOCIATION 89 

holds with the cities of the country. I congratulate Atlanta upon her 
selection as a Federal Reserve Bank site. 

I think you will agree with me that it is hazardous to reply to ques- 
tions as to the working of the Federal Reserve Act. It is so young 
that it is yet to be nursed and dieted into a sturdy and valuable off- 
spring of our good Government. 

We cannot have hoped to continue in the old groove much longer. 
For several years we have known the short-comings of our laws. But 
we bankers, who have had pleasant relations with correspondents — 
whether from the county bank's point of view or the city bank's, have 
hated to think these aflaiiations must be abruptly discontinued. So I 
come to you today with a message of hope that it is feasible for us to 
continue together, if we will. 

It is only fair at this time to say that I believe those in authority 
at Washington are honestly trying to improve banking conditions in 
this country. There is no idea there of injuring the banking business 
or of forcing any bank or class of banks out of business. They intend 
the Federal Reserve Law as supplemental to the National Bank Act, 
and it is not the thought to revolutionize the banking business of the 
country. 

It is intended to extend to the banks additional facilities and a larger 
field for operations. 

It is true the twelve Regional Banks are under control of the 
Central Board at Washington, but the personnel of those appointed by 
the President is such that it will be a great advantage to the banks 
in general to have such a Board in control. 

The actual workings of the Regional Bank will be under control 
of the member banks. They elect six out of nine directors and in this 
way control the election of president of the bank. The Chairman of 
the Board, I am advised, will not manage the bank, but will simply 
act as agent for the Government, looking after the collateral held as 
security for note issues and attending to other governmental duties. 

If the new banks are unsuccessful, it will be the fault of the member 
banks, who, through their directors, will really run the business. 

The framers of the new law had these principal thoughts in mind, — 

1. To divorce the banking business as much as possible from 
speculation. 

2. To mobilize the reserves. 

3. To provide a system for re-discounting of paper by banks. 

4. System of elastic currency. 

5. Correction of unscientific methods of collecting checks. 

Our system of reserves forced too much money to New York. The 



90 PROCEEDINGS OP THE 

bankers there in order to protect themselves against large sudden 
^^ithdrawals were compelled to carry large call loans with stock 
brokers. Pressing the loans on these brokers encouraged speculation. 
The importance of the stock market operations was emphasized to 
such a degree that what was only a small fraction of the business 
of the country dominated the thoughts of the merchant and commit- 
ments were made, goods bought and sold, as the stock market advanc- 
ed or declined. 

Under the new system there will not be the need of carrying our 
secondary reserve in the shape of large lines of call loans, but we 
expect the re-discount privilege to practically take the place of this 
unnatural call loan market. The country and the city banker will 
benefit at the expense of the stock broker, who will, in the future, 
be compelled to pay higher rates for speculative moneys. 

Now as to mobilization of reserves. When we give this careful 
thought and are not considering local pride or the advantage of 
Atlanta or of Philadelphia as regional reserve centers, we nearly all 
agree that a central bank is the only correct idea. The Democratic 
platform was unfortunately written before the leaders studied the 
financial question and declared against a central bank, but they have 
given us what is a very clever imitation of a central bank. Instead of 
a great central institution with branches, we have twelve banks 
closely associated through and controlled by a Central Board which 
can compel loans by one Regional Bank to another, and which Board 
has absolute control in no uncertain way of the rules and regulations 
of the twelve institutions. The system would have been a failure 
without this central control and the inter-relationship that will exist 
between the twelve institutions. 

Take your Atlanta district as an example, — with deposits of $270,- 
000,000. A reserve of 5% would give the Federal Reserve Bank here 
a deposit line of about $14,000,000. If its capital were fully paid, it 
would provide about $5,000,000 more— a $19,000,000 bank. The new 
bank would itself have to carry a reserve on deposits of 35% — almost 
$5,000,000, leaving $14,000,000 to loan in the regular way. It could hy- 
pothecate its collateral and after deducting 40% reserves obtain notes 
for loaning purposes amounting to $8,000,000 more, or $22,000,000 for 
members' loans. 

The banks in the Atlanta district now borrow each year over 
$30,000,000 from their present correspondents. 

On the other hand, Philadelphia will have a bank with resources of 
over $60,000,000 and a demand for bank accommodation ranging only 
from $3,000,000 to $8,000,000. Under these conditions, it would seldom 



GEORGIA BANKERS' ASSOCIATION 91 

be a burden for Philadelphia to re-discount for the Atlanta Reserve 
Bank. Without doubt Philadelphia will seek your paper, provided the 
quality is kept up, and there comes in the question of management. 
Good management will make most any banking system successful — 
poor management would ruin the best. Select the best men obtainable 
to manage your bank — men who are broad-minded and used to big 
transactions — look with disfavor on any bank who would use petty 
methods to have its representative elected. Even though your bnnirr; 
are divided into three classes, it will pay you to forget those divisions 
and elect three big bankers. 

It will not be an advantage to either the country or the city bank 
to have this system fail. Forgetting our investment in the stock, it is 
our duty to our depositors and the country in general for us to give 
this new law a fair, conscientious trial. 

This does not prevent the city bank soliciting the country bank's 
account and offering attractive inducements for balances over and 
above the regular reserve. The success of the new system does not 
require that all balances now carried with correspondents be trans- 
ferred to the Regional Reserve Bank. No interest will be paid by it 
and the city bank has here one of the strongest arguments for surplus 
funds which all well managed banks usually have. 

No provision has been made for the collection of checks on non- 
member banks, or for the collection of drafts, notes, and other non-cash 
items. The City Reserve Bank will make appeals for this business 
and the country banker may find it to his advantage to send all items 
to his present correspondent and transfer balances when needed to 
the new Reserve Association. 

Paper acceptable for re-discount or loans will be limited to certain 
classes. Your present correspondent will take anything that is good. 
High grade railroad bonds will be just as desirable as commercial 
paper, and no book of rules will be required to find out what con- 
stitutes commercial paper. 

The well organized country bank will likely re-discount with its 
present correspondents, as in the past, keeping its lines with the 
Regional Bank open for unexpected special demand or for stringent 
times. 

It would be well for us to look on our stock investment in the new 
bank as an insurance fund, not expecting full investment returns. We 
should be willing to contribute our share of the capital for the assur* 
ance that we will receive assistance when needed. Let us encourage 
the directors of our Regional Banks to run rich in reserves and to 
forget the 6% dividends on stock. 



92 PROCEEDINGS OF THE 

The new bill provides for an elastic currency to be issued by the 
Government, through the Reserve Banks. But it is not to be expected 
that member banks will insist on shipments of minor coin or of small 
amounts of currency from these new Reserve Banks. Such transac- 
tions should be handled, as in the past, by regular correspondents. 

Of course a system devised for twelve banks under Governmental 
control will require certain general rules and regulations that will 
hamper individual action. This is where the city banker will have an 
advantage and personal attention to unusual requests will attract many 
a good balance. 

Does the new system provide for a scientific collection of out-of- 
town items? For a number of years Philadelphia has studied this 
line of banking and has developed its collection facilities until the 
city has really acted as clearing house for the whole country. For 
several years profits on this class of business have steadily declined, 
and in a low money market it is only through handling a large volume 
that any profit remains. We have installed night forces to open the 
mail and to forward large items by special letters. Every economy 
has been practiced, but it seems every saving has been offset by in- 
creased charges on the part of some out-of-town banks. $2.50 a 
thousand may not sound high to a banker collecting exchange at 
Montgomery, Alabama, but in Philadelphia it seems outrageous for 
any banker to charge such a rate in remitting for a check on his own 
bank. These high charges, the indirect routing system, the breaking 
down of the domestic exchange market in panics — all force us to the 
conclusion that our present system needs adjusting. 

It seems to be impossible to get any details from Washington as 
to the collection of checks. They are closely studying this question 
and it is thought that the new Federal Reserve Banks will, without 
doubt, collect at par checks on member banks in each particular 
territory. Some of the Washington people also feel that it will be 
possible to collect checks on member banks in outside territories at 
par. It is evident that they have not figured closely on this proposition 
because they look upon it as a matter of bookkeeping — the balances 
accumulateing would simply be credited to the accounts of the differ- 
ent banks, forwarding the checks. We know from experience that at 
certain seasons exchange runs heavily against certain centers and the 
only way adjustment can be made is by the shipment of currency. 
This is more or less of an expense, and I do not see how it would 
be practical, for instance, for the Philadelphia Reserve Association to 
collect checks at par on the San Francisco Reserve Association. They 
may be able to reduce the expense of collection, but I do not believe 
that it v/ill be possible to handle them at par. The payment of ex- 



GEORGIA BANKERS' ASSOCIATION 93 

change charges has been a heavy burden to the banks in the collection 
cities, such as Philadelphia, New York, Boston, and other centers, 
and the country banker has, in many instances, benefitted beyond rea- 
sonable amounts. It has been the boast of a number of country banks 
that they have paid their dividends out of exchange charges, and 
this is an unnatural burden that has been placed on the collecting 
banks. The new Federal Reserve Act is going to endeavor to put the 
exchange burden on the maker of the check and, no doubt, the charges 
will be much more reasonable. We think that each Federal Reserve 
Bank should collect checks on its own member banks at par, but we 
do not see how it will be possible to collect checks on distant 
Federal Reserve Districts except on an exchange basis. 

The new system will be a success and the old city bank will con- 
tinue to prosper. We are going to continue to get some share of the 
country banker's business. A reduction in his reserve requirements 
will enable him to carry, without extra expense, some balances with 
his city correspondent, as well as with the Federal Reserve Agent. He 
will also find it a convenience to carry balances in other centers for 
exchange purposes. 

The city banker will have a 10% reserve reduction, free collection 
on some outside items, larger income on call loans now carried as 
secondary reserve, and these savings will more than offset the busi- 
ness lost to the new bank. 

The country banker will be able to borrow from his present bank 
and also re-discount with the Federal Reserve Bank. In other words, 
have two strings to his bow. In some sections loans on farm mort- 
gages will help the country banker invest at good rates, and small re- 
serves on time deposits will also increase profits. 

In future appeals to banks, for a share of their balances, the city 
bank will emphasize the word "service," — • 

Quick credit information 

Quick investment advice 

Quick replies to banking inquiries 

Quick re-discounts 

Quick shipments of currency 

Quick collections, with 

Interest on balances. 

The new banks will get the balances given them by law. After that 
it is a fair field for all. Competition is stimulating. The new law will 
broaden the field of banking; will be an advantage to the commercial 
world and will also benefit, to a considerable degree, a very large 
majority of the banks of the country. 



94 PROCEEDINGS OP THE 

rresident llillyer: I am sure that everyone of us have enjoyed that 
very excellent paper. It has been very instructive to all of us, 
especially to those who expect to enter, or have entered, the Federal 
Reserve System. 

The next address will be ou the subject ^'Beef, Bread, Bacon, and 
Banking" by Melvin A. Traylor, vice-president of the National Stock 
Yards National Bank, National Stock Yards, 111. Mr. Traylor, Gen- 
tlemen. (Applause). 

ADDRESS BY M. A. TRAYLOR, 

Vice-president of the National Stock Yards National Bank, National 
Stock Yards, 111., before the Georgia Bankers Association at Atlanta, 
Georgia, on the 9th day of May, 1914, on the subject 

''BEEF, BREAD, BACON, AND BANKING.'' 

Mr. Chairman, Gentlemen of the Georgia Bankers' Association, and 
Visitors: 

One of Georgia's most illustrious citizens, speaking twenty years 
ago, in the great State of New York, to the toast, "The Old South and 
the New," alter recounting the wonderful progress his State had made 
to that date, said, in concluding one of the most admirable addresses 
ever contributed to the literature of this country by a citizen of the 
South: "We have learned that the $400,000,000 annually received from 
our cotton crop will make us rich, when the supplies, that make it, are 
home-grown." Had Mr. Grady lived to this good day (as in the course 
of a not unusually long lifetime he might have done), I sometimes 
wonder if his declining years might not have been somewhat sad- 
dened because of the fact that the New South of freedom has not 
reached that position that he saw it must attain, if it maintained the 
prosperity and the affluence to which it is entitled, and into which it 
surely some day will come. 

That the South does not produce the supplies that make its cotton 
crop is not an indication that it can not, and that it will not. 

It is a splendid tribute to Mr. Grady and a blessing to the South, 
particularly to Georgia, that the splendid paper which he so long and 
ably edited, continues to fire broadside after broadside, day in and 
day out, towards the promulgation of that great at-home policy that 
he inaugurated. Recently it has been my pleasure to study agricul- 
tural conditions in a great many of the States of the Southeast, the 
South, and Southwest, and I want to congratulate the bankers of 
Georgia today, and the Georgia citizenship, on the able support re- 



GEORGIA BANKERS' ASSOCIATION 95 

ceived from the metropolitan and rural press, that is giving more 
space to the banker-farmer propaganda than is given by the press of 
any State of the Union. (Applause). The Macon Telegraph, the 
Atlanta Constitution, the Ruralist, the Southern Cultivator, the Home 
and Farm, are among the best agricultural developers that any State 
in the Union possesses, and whatever may be the future agricultural 
destiny of this State, there can be no question but that the pioneer 
work being done by these papers will receive the reward to whiAi they 
are so justly entitled. 

You are particularly unfortunate this morning in not having with 
you my fellow-citizen of Illinois, Mr. B. F. Harris, who would have 
spoken to you on Rural Credits, which is an allied subject to "Beef, 
Bread, Bacon and Banking," Mr. Harris is without doubt more familiar 
with that subject than any man, whom it has been my pleasure to 
hear speak upon the great propaganda of the Banker-Farmer move- 
ment, and I regret, tho I have heard him often, that I did not have 
the pleasure, before undertaking to speak to you this morning of hear- 
ing him again. I say this in order that, should any of you at any 
time have a chance to hear Mr. Harris, or to subscribe for the "Banker- 
Farmer" published by his committee, you avail yourselves of the 
opportunity. 

One of Georgia's and Atlanta's most illustrious citizens, speaking 
before the New England Society at its annual dinner in New York City 
in 1886, to the subject "The Old South and the New," said in summing 
up the splendid achievements of the New South: "We have planted 
the schoolhouse on the hill top and made it free to White and Black. 
We have sowed towns and cities in the place of theories, and put 
business above politics. We have challenged your spinners in Massa- 
chusetts and your iron makers in Pennsylvania. We have learned 
that the $400,000,000 annually received from our Cotton Crop will 
make us rich when the supplies that make it are home raised." Had 
Mr. Grady been permitted, as in the course of a life time of not un- 
usual length he might have been, to live till this good day, I Some- 
times wonder if his declining years might not have been saddened by 
the failure of that "new South of union and freedom" to meet that 
condition, which he saw that it must meet, if it would ultimately attain 
that measure of prosperity and affluence to which it is so justly en- 
titled and will undoubtedly some day come. 

GOOD WORK OF GEORGIA PRESS. 

It is a splendid tribute to the matchless foresight and wisdom of 
Mr. Grady that in all this recent period of agitation for larger and 



»6 PROCEEDINGS OF THE 

better agriculture no State has enjoyed the services of a more valu- 
able and intelligent advocate than Georgia has had In the splendid 
educational work of that great paper, whose editorial policies he early 
outlined and wisely directed. During the past few years it has been 
my privilege to give more or less study to agricultural conditions 
In the South, Southwest and Southeast, and it is with pleasure that I 
congratulate the bankers and the citizenship of Georgia upon the fact 
that nowhere have I found the metropolitan and rural press giving 
more space and intelligent decimation to the Gospel of better agri- 
culture than in this State to say nothing of the splendid work being 
done by that matchless publication "The Home and Farmstead" pub- 
lished at the seat of your agriculture college at Athens. Whatever 
may be the ultimate destiny of this State in things agricultural, its 
press will be entitled, and I am sure will receive, a full measure of 
credit for the pioneer work they are doing. 

The banker-farmer propaganda has received so much attention and 
has occupied so much space on the programs of Banker's Associa- 
tion meetings, State and national, in recent years, that I fear the sub- 
ject is becoming most threadbare. No other topic perhaps, not except- 
ing the currency question, has been handled from so many different 
angles as has the relation of the farmer and the banker. Admitting 
the interdependence of their relations, bankers have told the farmers 
how to farm, and farmers have told the bankers how to bank, until 
it is difficult to determine from the arguments of the average speaker 
on the subject, whether or not he be banker or farmer, or more doubts 
ful still, if he is very much of either. 

COUNTRY BANICERS VIEWPOINT. 

At the outset of what 1 shall say, I am going to assume that as a 
former citizen of the great State of Texas, where my banking experi- 
ence was obtained in a small country bank whose customers were 
engaged in strictly one crop farming, I may be permitted to dis- 
cuss the subject with you freely and frankly from the stand-point 
of that small country banker, rather than form the view point of 
my connection with a somewhat larger institution whose operations 
are confined very largely to dealings with bankers whose customers 
have grown rich through diversified and live stock farming; and to 
the financing of the livestock industry in a larger sense than is the 
privilege of the smaller bank. I wish to be accorded this privilege be- 
cause it is not only from the standpoint of the country banker that 
farm problems must be studied if remedies are to be successfully em- 
ployed, but it is very largely through the country banker that the 
actual work must be done. 




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GEORGIA BANKERS' ASSOCIATION 97 

Notwithstanding the volumes that have been written and spoken 
with reference to soil fertilization, diversification and larger yields for 
th« farmer, and notwithstanding the various remedies that have been 
suggested, ranging from the simple wisdom of seed selection to the 
doubtful proposition of government subsidy, the majority of speakers 
have in my opinion, overlooked one of the greatest factors which must 
contribute to the end so greatly desired. Live stock and their re- 
lation to agriculture and country life have been of increasing import- 
ance as prosperity builders since the days, before the birth of Christ, 
when old Jacob put up that spotted pole job on his rather exacting 
old father-in-law Laban. 

LIVE STOCK IN HISTORY. 

All through history from that day to the present, the nations that 
have been agriculturists, and have included in their agricultural and 
domestic pursuits the breeding and raising of live stock, have been 
the nations that have endured the longest and performed the greatest 
work for mankind. It has been only when these nations have for- 
gotten the plow and the reaper for the bludgeon and the sword, when 
they have turned from pastoral occupations to those of manufacturing 
and distribution, when they have permitted their city life to over- 
shadow their country life, that they have fallen and decayed. 

No nation, the majority of whose children are reared in the bright 
sunshine and pure air of the country, need ever fear dissolution from 
the triumphs of the policies of the socialists and the anarchists, 
whose schemes are hatched and theories propagated in the turmoil 
and strife of metropolitan surroundings. If this nation is to sur- 
vive; if it would profit by the experience of history; it must see to 
it that its rural life, that its agricultural and its domestic vigor are 
maintained in the exact ratio that its manufacturing industrial and 
city life is developed. Unless this is done, the time will come when 
the children of the slums will triumph through the vastness of their 
numbers over the children of the farm, and when the governmental 
theories of the physical warped and mental defective will surplant 
those of the robust manhood and intellectual giants that have made 
this country what it is. 

PRICES FIXED IN A WORLD MARKET. 

It is to assist in the campaign for better agriculture, larger prosper- 
ity and happier community life that I am here. I realize full well 
that it is useless for me to talk to you about live stock farming un- 
less I can lay a predicate that will not only warrant you in recom- 



98 PROCEEDINGS OP THE 

mending such a course lo your customers but will justify you in finan- 
cing that operation. To do this it is necessary for me to tell you some- 
thing of the general live stock conditions throughout the civilized 
world, because today the question of the price of live stock and the 
future of the industry is not a national question, but a World ques- 
tion, not a question, not a problem of American supply and American 
demand, but one of World supply and World demand. With the tariff 
removed from live stock and meat products, the price of the steer 
on the Georgia farm will be determined, as the price of your corn 
and wheat is today determined, by the supply and demand of every 
nation on the globe. Just as your wheat prices are fixed by the 
wheat crops of Argentina and Russia, so will the beef price of the 
future be determined by the cattle crop of Australia, Brazil, Argentina 
and other South American Republics. This statement, I feel, need 
not be amplified. It reflects nothing but the operation of the inexor- 
able law of supply and demand. 

MORE PEOPLE— FEWER CATTLE. 

During the past ten years in the countries of the civilized world 
there was a population increase of more than twenty-five per cent 
while the total supply of all kinds of live stock increased less than 
eleven per cent. In the more important countries of Germany, France, 
the United Kingdom, Austria, Hungary, European Russia, Canada, 
Brazil, Argentina, Australia and New Zealand, there was an average 
population increase of twenty and one half per cent, and an increase 
in the cattle supply of less than eight per cent. Russia and Brazil, 
two of the greatest meat consuming countries in the world show a 
cattle decrease of twelve and twenty per cent respectively, and a 
population increase of fourteen and twenty per cent respectively — a 
difference of twenty-eight and forty per cent between the supply and 
demand of these countries. 

Australia is the only country that shows a larger cattle increase 
than population increase, but, do you know how many cattle there 
are in Australia today? As I have heard, you doubtless have heard, 
that the Australian cattle supply Is su95cient, and will with the tariff 
removed, furnish enough imports to this country to make Impossible 
the raising of American cattle on a profitable basis. Such statements 
reflect either colossal ignorance of the facts, or of the art of pro- 
phecy. According to most recent information Australia had on Jan- 
uary 1st of this year, about eleven million cattle, which is some three 
quarter of a million less than two years ago. With the average killing 
of American packers reaching almost thirteen million annually, it 
Is self evident that if all the cattle in Australia were dumped into the 



GEORGIA BANKERS' ASSOCIATION 99 

United States in one year, they would scarcely furnish a year's grisi 
for the Itilling establishments of the American pacliing lndusir>, it 
eay nothing of enabling us to replace any of the number whicJfj oui 
herds have decreased within the last three years, ii is follv •. 
talk about that country being a factor of any great proportion m 
supplying the World's meat demand. 

CANADA IS ALARMED. 

To the north of us is a great and growing empire, from which manx 
an alarmist has seen a steady increasing flow of cattle to the American 
markets in competition with the American product. — and yet — do yon 
know that Canada, with a population of eight million has a catfU 
supply less than seven million; that the condition there Is so alarm 
ing that the government of Saskatchewan recently made an appropria 
tion of $1,500,000 to subsidize the importation of high grade breed tny 
cattle to supply the demands of her farmers? You recall, that within 
thirty days after the tariff on imports was removed, a great hue and 
cry went up from American farmers because of the fact that the 
Buffalo and Chicago markets were over-run with cattle from Can 
ada. 

What happened? In less than thirty days from that time the Min 
ister of Agriculture of Canada said, "Unless we can stop this expor 
tation of cattle which has come about since the removal of the 
American tariff, Canada will be buying a portion of her meat .supple 
from some other country inside of twelve months". The result ha; 
been that the price of cattle is as high today in Canada as in rh^ 
United States, and there is great possibility that the Canadian 2:0 v 
ernment will give early consideration to the question of removinji 
the import duty on cattle and meat into that country. Their cliraar<- 
is such and the spread of agriculture has been so great, that they at> 
unable to supply their demand and are necessarily forced to tai<<- 
such a position. Canada furnishes, as does the United States, h 
striking demonstration that wherever agriculture spreads live stoc ^ 
production decreases. The troubled conditions of Mexico eliminare^ 
that country as a possible source from which any great number of 
cattle may be drawn for many years to come. 

ARGENTINA NOT A MENACE. 

This leaves us to consider Argentina as the only other country 
possessing a supply of cattle exceeding its local demands. Argenlin<\ 
occupies a position unique in the great problem of feeding a world 
population wholesome meat at a price they can afford to pay. Last 



100 PROCEEDINGS OF THE 

year Great Britian which imports one third of her total supply of 
meat, got four fifths or more than 750,000,000 pounds from Argentina. 
The total slaughterings of Argentina in 1912 were about 4,000,000 head 
of cattle. Of these 1,250,000 were cows — the very basis of her future 
supply. 500,000 head were calves less than six months old. The 
killing in Argentina last year was undoubtedly equal to her produc- 
tion. The effect of the spread of agriculture in that country, which 
Is shown by the fact that last year 50,000,000 acres were in cultiva- 
tion as against 13,000,000 acres eight years ago, is seen in the influ- 
ence of that country's wheat and corn crop upon the world price of 
these staples, and is further to be observed by the decrease in the 
number of her cattle, which amounts to more than a million head 
since 1910. Argentina will do well to supply her local demands, and 
the demands she is already called upon to furnish. 

EUROPE HUNGRY FOR STEAK. 

A London paper, a few days ago, commenting on the high price of 
meats, said, that if the United States continued to outbid Great Brit- 
ian for Argentina beef, the time will come when the battle between the 
American consumer and the European consumer will be the sharp- 
est battle ever fought for the right to live and the right to eat good 
meat. It added further, that the problem confronting the European 
people today among the manufacturing and industrial classes is not 
so much what they can manufacture and what they can sell their 
product for, as it is one of what they can pay their labor so that 
they may live in conditions comparable with the conditions of the 
American laborer. It observed that the British factory employee 
cannot continue to do manual service as they have been doing, unless 
they have the food upon which to build bone and muscle. Unless, if 
you please, they can have steak, and if they cannot buy steak in com- 
petition with the American consumers, where and how can they be 
fed? Thus, those who decry the propaganda of live stock production 
because of possible import competition, are confronted with facts, 
not theories, from which it occurs to me that they can draw but little 
consolation. 

UNITED STATES AN IMPORTER. 

With respect to the live stock conditions and population Increase in 
the United States, I am sure you are familiar, and you will pardon me 
for briefly calling your attention to some of the more Important facts 
in this connection. In the last ten years our population increased 
more than twenty per cent and our cattle have decreased more than 



GEORGIA BANKERS' ASSOCIATION 101 

thirty-two per cent. Meat exports from the United States, formerly 
one of the biggest items in our annual budget of exports, have de- 
creased more than 500,000,000 pounds in the last five years. In the 
last three years cattle slaughterings in the United States have de- 
creased approximately 1,500,000 head or 780,000,000 pounds of dressed 
beef. The total output of Argentina last year was only about 755,000,- 
000 pounds. If we had received the entire export of that country, 
we would not have had for distribution more pounds of dressed beef 
than we had in 1910, and you will remember that the cattle prices of 
that year were entirely satisfactory, and you must remember too, — 
that if we should receive this vast quantity of Argentina beef. Great 
Britian, who receives one third of her total supply from that country, 
would become a keen competitor for any surplus we might wish 
to dispose of. Our imports of cattle have jumped from 32,000 head 
to 430,000 head since 1907, and for the present fiscal year have 
amounted already to 646,000 head and would have been a great deal 
more if the Mexicans could have gotten their cattle out of that coun- 
try. Our imports of cheese and other dairy products have doubled 
in the last five years. 

RANGE COUNTRY UNDER THE PLOW. 

Many causes might be assigned as contributing to these conditions. 
It is enough I think, however, to cite you to the spread of agriculture 
throughout the west and the decimation of the great herds that for- 
merly roamed the plains of Texas, Oklahoma, Arizona, New Mexico, 
Wyoming and the Dakotas. That country has gone under the plow 
and as it yielded to the pioneer farmer the cattle went under the 
hammer in the slaughter house, and the herds have not been, and 
never will be replaced. Another cause that has contributed to our 
condition has been the annual slaughtering of calves, which in the 
past three years has amounted to approximately 6,800,000 head per 
year. This one fact alone should furnish food for thought to legis- 
lators, state and national, although I doubt whether legislation would 
reach the trouble. In my opinion education offers our one hope for 
the solution of this feature of the problem. Educate the farmer that 
when he markets or kills a calf under six months of age he commits 
an economic crime. Educate the great consuming public that when it 
insists upon its butcher supplying it with indigestible veal it is directly 
contributing to that crime. When we have done this we will have 
gone far toward stopping the unwarranted sacrifice of the country 
boy's best friend — the calf. 

THE CHIEF CONTRIBUTING CAUSE. 
There is, however, another contributing cause to the shortage 
of live stock in the United States, which is annually becoming more 



102 PROCEEDINGS OP THE 

pioiiouiictu ctuu meiiiiciug. i'tiis cause is nowhere, perhaps, more 
;i,^Ki<ivaie(i liian in the great State of Georgia, and is the eril of 
feuaiicN 111 iS8(> appi oxiniately twenty-five per cent of the farming 
in the I nited States was done by tenant farmers. In 1910 more 
ihaii U)i\} pel cent of tillable land was worked by tenants. In Illin- 
ois* Mur' ratio of tenant farming to owner farming is forty-three per 
i-enl: Missouri, twenty-five per cent; in Alabama, sixty per cent; in 
Mississippi, sixiy-tive per cent; Oklahoma, fifty-four per cent; Texas, 
(ifty-iwo per cent . Arkansas, fifty per cent, and Georgia sixty-six per 
cent Do \ou realize what this condition means? It means that in the 
very heart of the United States' great granary, the Mississippi Valley, 
(he Southwest and the Southeast, that portion of our country that 
must feed tliii^ nation's restless millions, more than fifty per cent 
of all out agriculture is in the hands of the landless man. You 
haiike/!- in (Jeoigia are too well acquainted with the character and 
ability of the average tenant for me to insult your intelligence with 
odious comparison. If I could go through your note case today, if 
your experience has been similar to mine, 1 could find there an accur- 
ate estimate of .vour opinion of the relative value to the community 
of the man wiio farms the land he owns and the man who robs the 
land you own. and yet the latter is not so much a creature of his 
own selection as the victim of the economic system under which he 
lives 

TENANT FARMING A CURSE. 

Tenant farming is undoubtedly the greatest single curse of this 
country. When the agricultural history of this nation is written its 
darkest pages will be those whereon is recounted the viciousness of 
the one year one crop leasing system of the United States. In your 
own splendid commonwealth the percentage of tenant farmers has 
increased from forty-four per cent of the whole in 1880 to the present 
overshadowing number of sixty-six per cent, and the discouraging, 
if not an alarming feature of this increase, is the fact that of the 
191.000 tenant farmers in your borders 84,000 are White, with the 
further fact that while the w^hite land owners in your State increased 
seven per cent during the last census period, your negro land 
owners increased tbirty-eight per cent, and that while during the 
same period the total of your owner farmers, black and white, 
were increasing eleven per cent, the total of your tenant farmers in- 
creased more than forty-one per cent. 

The relative value to their communities, their counties and the 
State, between the tenant and owner farmer, is nowhere more strik- 
ingly shown than in the f-wt that your 99,000 owner farmers cultivate 
five million acres of land, i^alued with improvements at $239,000,000.00, 



GEORGIA BANKERS' ASSOCIATION 103 

while your 191,000 tenant farmers cultivate only approximately seven 
million acres of land, valued with all improvements at only $221,000,- 
000. Why this condition exists or what its remedy may be, are sub- 
jects, the discussion of which is productive of many theories, but 
this much seems clear, that so long as our present leasing system is 
maintained— that so long as landlord, credit merchant and banker, 
continue to say to the tenant farmer "so many acres in cotton" or 
grain, or whatever the one money crop may be, — just so long will 
the evils of this character of farming continue to sap the fertility 
of the soil, leaving the worker and the land impoverished and ruined 
as the direct result of the blunderers and stupidity of those who should, 
and in many cases, do, know better. 

PROBLEM OF THE LANDLESS MAN, 

In our great centers of population the homeless man is an acute 
and growing menace. He is the object of concern to every civic re- 
former and social worker who undertakes the betterment of metro- 
politan conditions, and yet the homeless man as a permanent peril 
to our national life, is of insignificant proportions when compared to 
the ever increasing number of landless men. The homeless man, al- 
ways to be pitied and most often the victim of industrial conditions 
over which he has no control, largely disappears when those condi- 
tions which contribute to his existence have been righted and im- 
proved, but the landless man in prosperity or adversity is landless 
still. Without suggesting any particular remedy or venturing the 
hazard of prophecy, I am convinced that, when that time comes, as 
come it surely will, when the landless man possesses the land, the 
homeless man will find a home. 

OPPORTUNITY FOR PRODUCER. 

However much the cause mentioned may have contributed to the 
decrease in supply of live stock in the United States, there are other 
conditions that have contributed in no less degree and quite as em- 
phatic to the demand for meat and meat products. In referring to the 
great Mississippi Valley including the States of Illinois, Missouri, Ar- 
kansas, Alabama, Mississippi and Georgia as the nation's granary, I 
did so advisedly, because, — do you know that two thirds of the popu- 
lation of the United States is east of the Mississippi River, while two 
thirds of all the cattle and live stock are west of the Mississippi? 
Did you know that in 1910 one half of the population lived on less 
than one-seventh of the area of the United States? Do you know 
that on this small area, less than one seventh of our territory, there 
was manufactured and marketed more than three-fourths of all the 
manufactured products made in the United States? Do you 



104 PROCEEDINGS OP THE 

know that this same small territory pays four-fifths of all the American 
salaries and represents two-thirds of all American assessed values? 
Do you know that that little strip of territory embraces the greatest 
comsuming community in the world, and has less than one fifth of the 
grain and meat supplies necessary to take care of its demands? Do 
you realize the importance of the fact that during the last census 
period 25,300 factories came into existence in the New England 
States and that 15,344 farms in the same territory were abandoned 
during the same period? Does this concentration of population and 
industry, this abandonment of agriculture in one small territory mean 
opportunity for the bankers and farmers of Georgia and the Missis- 
sippi Valley? 

PREDOMINANCE OF MANUFACTURING AND COMMERCE. 

Does this centralization of manufacturing and commerce indicate 
the truth of the statement now frequently made, that this country like 
some of the earlier nations of history is over emphasizing the rela- 
tive value of industry to agriculture? I would not arrest the activities 
of the American manufacturer. I would not consent to have the 
wheels of American commerce slacken their pace. Let them extend 
their manufacturing and distribution over a field as wide as the 
United States, as wide as the civilized world. I hope and expect to 
see the day when this nation's products will be sold in every country 
under the stars. I hope and trust to see our American products car- 
ried to every port in American ships. I want to see the stars and 
stripes float above the distributing depots of the manufacturing con- 
cerns of this country in every nation of the world, but, if this is to 
he done, if American manufacturing and commerce is to continue the 
record of its achievements, the countless thousands engaged in these 
operations must be fed and fed at a price they can afford to pay. 
If they are to have life's necessities, then the production of those nec- 
essities must fall upon the American farmer and the burden of the 
financing of their production must fall on the American banker, — must 
fall, if you please, in the exact ratio of the opportunity they hold, 
upon the bankers of Georgia. For, after all, the conditions of the 
average American farmer is but a reflection of the wisdom and fore- 
sight of the average American banker, and nowhere is this condition 
truer than in those States where banking and credit is annually 
based upon the production of a one money crop. 

CHARACTER OF OUR EXPORTS. 

Indicative of the tremendous increase in the ratio of manufacturing 
over agriculture is in the recent figures relative to the exports of this 
country. In 1880 the agricultural products exported by us amounted 




Q 
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a 

o 

*^ 
*^ 

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GEORGIA BANKERS' ASSOCIATION 105 

to eighty-four and three-tenths per cent of our total exports; in 1913 
they amounted to only forty-six per cent. Manufactured products, exclu- 
sive of food stuffs, in 1880 were fourteen and seven-tenths per cent 
of our total exports; in 1913 they were forty-eight and eight-tenths per 
cent or almost one half. The influence of this condition upon the 
tendency of our population is revealed in the increase of urban as 
against rural citizenship. In the past decade there have been added 
to city population three people to every one added to rural communi- 
ties. 

In your own State during the last census period you had a total 
population increase of seventeen and seven-tenths per cent, but your 
city population in this period increased fifty-five and one half per 
cent as against your country population increase of ten and one half 
per cent, — an increase, if you please, within your own borders of 
five and one half consumers to each producer. Do you realize 
what these figures mean? Do you understand that year by year the 
ablest and best of your farmers, the producers of life's necessities, 
are deserting the farm for the city, leaving behind them only the 
less fit, the less ambitious and the less capable to perfrom the her- 
culean task of providing food for an ever increasing horde of con- 
sumers? Just so sure as this condition continues, just so sure v^ill 
the protest against the high cost of living grow greater and greater, 
and just so sure as that protest grows in volume just so sure will 
this nation have troubles internally and almost interminable. There 
is only one way that the peace, happiness and stability of this country 
can be assured, and that is through the development of the agri- 
culture of this country to a position of equal perfection as that of 
manufacturing and commerce. 

CONDITIONS IN GEORGIA. 

So much for conditions in general which are more or less applicable 
to all sections of the country. I want to ask your indulgence while I 
present some facts, which to you may be and doubtless are well known, 
but which I feel will bear repeating and about which I hope to be 
pardoned some frank and pointed observations. In Georgia you have 
thirty-seven and one half million acres of land, approximately thirty 
million acres of which is tillable and of which you are actually culti- 
vating about twelve million acres, which is divided into 291,000 farms. 
You are producing an average of about sixteen bushels of corn per 
acre, and in 1912 bought approximately $60,000,000 worth of that 
product. In 1910, according to the census returns, five- sixths of your 
farms produced no hay, three fourths of them produced no oats, 
twenty-seven per cent of them had no cattle; thirty per cent had not. 
even a milk cow; twenty-six per cent no mules, seventy per cent no 



106 PROCEEDINGS OF THE 

horses, and twenty-seven per cent of them had not a single hog; there 
was not a commercial dairy in all the State, and only fifty-two per 
cent of the farmers reported the production of butter for family use, — 
your State spending last year, according to an authority writing in the 
Atlanta Constitution, $8,000,000 for the single item of butter alone. 

YOUR LIVE STOCK INDUSTRY SLIPPING. 

You had on January 1st, 1900, 900,000 head of cattle; in 1910—1,- 
080,000 head and in 1913—1,069,000 head; in 1900 you had 1,713,000 
hogs and in 1913 — 1,888,000 hogs, a slight increase in your production 
of hogs and a decrease since 1910 in your production of cattle, and 
during this time — from 1900 to 1913 — your population has increased 
more than twenty per cent. I admire the splendid work your State 
Chamber of Commerce is doing; its compilation of facts setting forth 
the greatness and the possibilities of your commonwealth is power- 
ful and commanding advertising of the pulling kind, but I sometimes 
wonder that if they pointed to the fact that Georgia is beaten by all 
the States in the South, except Florida, in its production per acre of 
cotton, and corn; that its live stock production is not keeping pace 
with its population Increase; and that its enormous cotton crop is not 
paying its grocery bill; if some of the effectiveness of its campaign 
for immigration would not be lost . 

Certainly in these facts there is food for thought because, howerer 
great your resources may be, and however bright the future possibili- 
ties of your development may appear, certain it is, that if you were 
isolated from the rest of the country the day would speedily come 
when your larder would be empty and your citizenship go hungry. 
This is said, not in a spirit of captiousness or criticism, but to awaken 
in you gentlemen, who have in your hands the future development of 
the agriculture of this State, the opportunity and duty devolving upon 
you to enter manfully and at once upon the task that awaits you. 

THE BANKERS RESPONSIBILITY. 

What, — you ask me, can the bankers do to lift from Georgia the 
burden and curse of one crop farming and to develop throughout the 
State that system of diversified live stock farming that has made the 
citizenship of all those States where it is practiced contented and 
prosperous? In answer I say to you frankly, that upon your shoulders 
almost wholly, in my judgment, rests the responsibility for the con- 
ditions that you have today and the responsibility for what those con- 
ditions will be in the future. I believe the time has come when, not 
only the bankers of Georgia but the bankers of this entire country, 
should throw their hands into the discard and cash in their little 
white chips of talk, or put up behind their propaganda the cold 



GEORGIA BANKERS' ASSOCIATION 107 

cash necessary to make their talk effective. You gentlemen are the 
fellows that can increase the acreage production, increase the live 
stock production, improve the community life and enhance the joy 
of living in this State, and it is through you and through no other 
source that this can be done. 

THE FARMER A DEBTOR. 

Because, I venture to say, without the fear of successful contradic- 
tion, that ninety per cent of the farmers, at one period of the year or 
another, owe their local banker more or less of the money necessary 
to make their crops. If they do not owe the local banker, then they 
owe the credit merchant, who while undoubtedly serving a useful pur- 
pose in the pioneering of any argriculture country, has ceased to be a 
necessary factor in the financing of any community where credit facil- 
ities may be obtained from banking institutions. When you bring the 
proposition down to its last analysis, it is the duty of every banker to 
improve the condition of every inhabitant of his community, with 
whom he comes in contact. More especially is it his duty to better 
the condition and aid in promoting the welfare of each of his cus- 
tomers, and whenever we overlook that opportunity, whenever we 
conduct our institution upon the selfish policy of our personal enrich- 
ment alone, we cease to perform the functions that the public has a 
right to demand of us, and we should get out of the banking business. 

CHARACTER OF SECURITY REQUIRED. 

I say to the bankers of Georgia, that you hold in your hands the agri- 
culture destiny of this State. If King Cotton continues to hold his 
sway as the one and only money crop of your farmers, if tenancy 
continues to increase, if your city population continues to grow, your 
live stock and country population to decrease, the responsibility for 
that condition must be with you — and you alone. In Texas for many 
years I followed the practice of ninety-five per cent of the bankers 
of that State, enforcing upon that commonwealth the penalty of one 
crop farming. When a farmer came in to get his annual allowances 
to finance his crop operations, I did not say to him, "How many cows 
and hogs have you? How much corn, how many cow peas, how much 
alfalfa will you plant?" I said to him as others said to others, and as 
you have been saying to yours, "How many mules have you and how 
many acres of cotton will you plant? How much do you owe the 
credit merchant? From whom are you renting? How much do you 
owe your landlord and how many of the first bales of your cotton crop 
ar« mortgaged?" 

When I did this what was I doing? I was contributing to the one 



108 PROCEEDINGS OP THE 

crop folly, I was compounding that unpardonable offense of stupidity, 
which is the growing curse of every one money crop community. I 
was driving out of the life and heart of every renter that came to my 
desk whatever of hope and ambition he may have had to diversify his 
crops, to produce live stock, to add to the fertility of the soil and to 
contribute his portion towards a healthier, happier and more pros- 
perous community life. True, I was but playing the game as I had 
been taught to play it and as others were playing it. I was, as I 
thought, conducting my business in the only safe and secure way 
that I could conduct it, having in mind always the security of the 
deposits of my customers and the financial returns due to my stock- 
holders. 

THE BOLL WEEVIL COMING. 

How shortsighted that policy and how economically unsound that 
course of action was forcefully brought home to me and other bankers 
similarly engaged, when that most destructive Mexican parasite, the 
boll weevil, crossed the Rio Grande and invaded, as no other Mexican 
army has ever been able to do, the broad prairie of Texas, and when 
following the march of this John Sherman of the insect kingdom, 
came the scorching droughts of three successive years, we reaped 
the whirlwind we had been sowing. It was then, and not until then 
that most of the Texas bankers learned, in a way they will never for- 
get, the importance of the propaganda of diversified live stock farming, 
which I would impress upon you today in order that you may escape 
a similar calamity 

Already there is heard on your western border the cry of alarm 
as that silent pest makes his way toward the only Eldorado from which 
you mine the bulk of the wealth you produce, the only security vaull 
from which you hope to draw the marketable collateral to liquidate 
the loans in your case. There may be those among you who sa.\ 
that the boll weevil will not raid your communities. There may be 
those who think that his progress may be checked and his destruc 
tiveness minimized. I trust such is true, but if you had witnessed, 
as I did last year, the terror that seized the hearts of the farmer? 
and bankers in one of the richest territories in southern Mississippi 
when the pest reached that county, you would think differently. 
THE CATTLE TICK MUST GO. 

But there is another army of parasites which has cursed the south 
ern States for the last quarter of a century. That army is the blood 
sucking, life destroying, poverty producing cattle tick. Just as no step 
or no scheme for soil fertilization, crop diversification and increased 
acreage yield can be permanently successful that leaves out of its 
make-up live stock, so no campaign for the increase production of 
live stock in this State, can be successful until the cattle tick is eradi- 



GEORGIA BANKERS' ASSOCIATION 109 

cated. That the tick can be eradicated has been so many times 
proven in this State, that no argument is necessary to convince 
you of the practicability of the remedies employed. Your own splendid 
citizen, Major B. W. Hunt, a pioneer of the banliing fraternity in the 
campaign for tick eradication, recently said, that in three years from 
1911 to '18, his county spent $3,781.17 in fighting this pest and in that 
three years saved $12,000.00 as the direct result of the work accom- 
plished. From another source I learn that in twenty-one counties 
their expenditures of less than $100,000 in a campaign for eradicat- 
ing the tick has added $2,150,000 to the value of their cattle. Cer- 
tainly a satisfactory return for the money invested. 

According to a most conservative calculation, in my judgment, the 
cattle tick can be eradicated from every county in Georgia for not ex- 
ceeding $500,000, and when this is once accomplished, if nothing fur- 
ther is done to improve the quality of your live stock, you will have 
added $7,500,000 to the value of the cattle you now have. This in- 
vestment would require, not exceeding one per cent of the capital 
stock of the bankers of Georgia. Are the bankers of Georgia willing 
to make this investment? The proposition is not one of theory, but 
cold fact backed up by the experience of every State which has 
successfully fought and destroyed this parasite. Will the bankers 
of Georgia do it? 

LIVE STOCK AS SECURITY FOR LOANS. 

With the cattle tick eliminated your State offers the most alluring 
opportunities for the successful production of cattle of any State in the 
Union. The diversity of your soils, the uniformity and length of 
your growing seasons, the diversity and the abundance of the forage 
and feed crops you can produce and the economy with which you 
can grow and fatten, make you preeminently a State of rich oppor- 
tunity for diversified live stock farming. By actual demonstrations 
under not extraordinary conditions, Professor Jarnagin of your splen- 
did agricultural college has demonstrated that cattle in borders not 
infested by the tick can be produced and finished for market at a 
total cost of not exceeding four cents per pound. The price such 
cattle will bring produced under such conditions as compared with the 
price your stuff brings now, needs no better proof than the fact 
vouched for by one of your prominent citizens, who last year bought 
thirty head of native Georgia cattle at a cost of $650.00 and the same 
day bought thirty head of good grade cattle from a tick free community, 
averaging in weight 1,100 pounds and costing $2,250.00. This same 
gentleman is authority for the statement that it cost no more to 
produce the $2,200.00 worth of cattle than It did the $650.00 worth. 
With these facts undisputable, it cannot be conceived that bankers 



110 PROCEEDINGS OP THE 

will continue longer, if they have ever done so, to refuse to accept 
live stock as security for loans. 

PROPOSITIONS FOR GEORGIA BANKERS. 

Under most of our State banking laws and now under the national 
banking laws, banks are permitted to loan a portion of their capital 
and surplus upon improved real estate. Most of the bankers, national 
and State, have directly or indirectly been pursuing this policy, be- 
lieving and not unwisely, that they were contributing to the perma- 
nent development and prosperity of their clientage, but when analyzed 
in its finality they have been tying up their funds in capital invest- 
ment which were nonliquid and only fairly remunerative, when they 
might have been contributing to operating necessities of a liquid 
character and of equal, if not greater, returns. 

As two striking examples of what the bankers of Georgia may do 
when they have contributed one per cent of their capital to the 
eradication of the tick, I want to offer the following two suggestions. 

ONE COW ON EACH FARM. 

Recently the Atlanta Constitution suggested that two beef cattle 
be raised annually on each farm in Georgia and in an able article illus- 
trated how easily this could be done and how great would be the re- 
ward for the effort. I want to offer as an investment to the bankers 
of Georgia that they put twenty per cent of their capital, which is 
less than they are allowed to invest in real estate, to say nothing of 
their surplus, into the cattle industry By doing this they can put one 
dual purpose high grade three year old cow upon every one of the 
291,000 farms in the State and in five years that investment will re- 
turn them a total of 1,734,360 head of cattle, worth conservatively 
$55,831,800.00. During this time they can market the tick free na- 
tive cattle they now have for a total of not less than $30,000,000 and 
will have left at the end of the five years three quarters of a million 
more cattle than they have now, which increase will be worth one 
hundred per cent more than the total value of your present supply 
of cattle, and this is to say nothing of the $7,750.00 worth of manure 
this new crop of cattle will produce and the more than $10,000,000 
annually that may be realized by your farmers through cooperative 
dairying. Is this investment worth while, and will the bankers in 
Georgia undertake it? 

FINANCE JARNAGIN'S HOG FARMS. 

Another investment I suggest to the bankers of Georgia is this. 
Professor Jarnagin in submitting his idea of a practical every day 
average farmer, hog farm allows the following for investment. 



GEORGIA BANKERS' ASSOCIATION 111 

10 Good Grade Sows $250.00 

1 Registered Boar 50.00 

11 Individual Hog Houses 110.00 

Fences, etc 140.00 

Or a Total Investment of $550.00 

Mr. Jarnagin says that with ordinary management under usual 
conditions, such an investment will produce 30,000 pounds of live 
weight hog annually at a total cost, he says, of about three cents per 
pound. I say, make it four cents per pound. The total cost of pro- 
duction would be $1,200.00; the selling price of the hogs would be 
not less than eight cents per pound or $2,400.00, with a correspond- 
ing net profit of $1,200.00 per annum; to say nothing of the value of 
the manure or of the high price at which the operator would market 
his feed, and the larger prosperity that would follow the character 
of farming necessary to the live stock operations. 

The proposition I make Is that the bankers of Georgia invest five 
per cent of their individual deposits, the property of their customers, 
in loans to these customers for the equipment of such farms as sug- 
gested by Mr. Jarnagin. If they will do this, they can equip 13,181 
farms at a cost of $7,250,000 and a net annual return of $15,817,200.00. 
Such farms would produce 120,000,000 pounds of live weight hogs, 
which tremenduous as it seems, would not supply the demand of 
Georgia alone, for according to the most reliable figures your State's 
demand for pork and pork products reaches 180,000,000 pounds an- 
nually. Is this proposition feasible, and will the bankers of Georgia 
do it? If you doubt its feasibility go to the States of Illinois, Iowa, 
Kansas and Missouri, where such things are being done or go to your 
own farmers who are experimenting with the proposition, and learn 
from them that one man last year, with an investment of one hog 
costing $12.50 sold products amounting to $148.30, or to another 
farmer who, on an investment of $242.00 made a net profit in one year 
of $439.30. 

REWARD OF PROSPERITY ASSURED. 

I offer these suggestions, not in the spirit of one who would under- 
take to tell you what you should do, but to awaken you to the 
splendid opportunity you have and to impress upon you, as I see it, 
the direct and single duty you owe to the agricultural interest of the 
State to turn from the one crop methods that you have fostered and 
developed, by insisting upon all credit being based upon that one 
crop alone, and to direct your energies, and invest your funds in 
the production and development of that diversified agriculture, which 
will not only repay you in liberal dividends, but will enrich your 



112 PROCEEDINGS OP THE 

customers, increase your deposits and add to the stability and se- 
curity of your banking operations. When you have done this your 
State will continue to produce as much cotton as it does today, and 
the wealth of that cotton will remain in your State, because you 
will produce, as Mr. Grady said, the supplies necessary to make it. 
When you do this you will build better schoolhouses, better churches, 
better roads; you will have a better community life; a happier and 
more contented citizenship; and a greater and richer State, and the 
bankers of Georgia, its credit extending and wealth developing power, 
will have earned and will receive the merited plaudits of a happy 
and prosperous people in "Well done thou good and faithful servant.*' 

This is a great big good world; it has been getting better and 
better for 2000 years; it is going to go on and on, getting better and bet- 
ter while time lasts. This is the best day we have ever seen; tomor- 
row will be better. I am glad I am living today, but I would like to 
live one hundred years from now to enjoy the better conditions that 
are going to exist then. The world is getting better because every 
citizens of the world is feeling the closer touch of his neighbor, be- 
cause every citizen is coming more and more to answer that question of 
the ancients and to answer it in the affirmative "Am I my brother's 
keeper?" No class of people on the Globe are as close to their clien- 
tele as the American bankers, and no American banker is as close to 
clientele as is the country banker in the rural agricultural community. 
He advises them in everything — instructs them in agriculture, in their 
daily life and consciously or unconsciously sets them a moral example. 
Consciously or unconsciously he directs the thought and motives of 
those who come in contact with him. You, the Bankers of Georgia, 
have the greatest opportunity for bettering the condition of your 
citizenship of any people in your State. 

A few days ago Governor Eberhart of Minnesota made the most 
magnificent address I have ever heard on the proposition of better 
agriculture, better soil conditions, better community life, better rural 
conditions and better citizenship. He told this little story — you have 
heard it before, but I want to tell it to you, because it will press home 
the thought I want to leave with you. He said that during the great 
campaign carried on in Minnesota, the campaign for better country 
life, a man who had traveled for years and years concluded he wanted 
a home. He went out into the wilds of Northwest Minnesota and 
purchased a small one hundred and sixty acres of land. He finally 
concluded to farm that land and went out there to live, carrying with 
him his wife and little daughter. There was no home in all that 
great country around for miles and the little daughter was without 
playmates. They were without the better conditions under which 
we live, and the mother never permitted the little daughter to go 
80 far that she could not, by tapping on the window pane, attract the 




o 
o 

O 

o 
a 



GEORGIA BANKERS' ASSOCIATION 113 

little one's attention. One day the little girl wandered away and the 
mother, busy about her dinner, forgot to tap on the window. When 
she realized that her daughter was gone she called to her husband 
and a search was begun which lasted all the afternoon and through 
the night. Early next morn they found the little child in a ravine 
unconscious; they carried her back home and the Doctor, who had 
been in the meantime summoned, worked over the little girl as only 
a ministering angel can. Consciousness returned after many hours 
and the little girl, looking into her mother's eyes, said 'Mama, Mama, 
why didn't you tap on the window ?' " 

I leave this thought to the bankers of Georgia, that in the exact ratio 
of the splendid relation they sustain to their customers they allow 
no opportunity to go by to instruct them in agriculture, live-stock 
raising, or what not that will improve their condition; that they 
allow no opportunity to pass to tap on the window to the man they 
come in contact with, whether it be an ignorant, cross-eyed tenant 
or an aristocratic old time planter. If you do that, the time will 
never come when they may return to you and say "Why didn't you 
tap on the window?" That message and this I leave with you: 

"Let me live in a house by the side of the road, 

Where the race of men go by; 
The men who are good and the men who are bad — 

As good and as bad as I, 
1 would not sit in the scorner's seat, 

Or hurl the cynic's ban — 
Let me live in the house by the side of the road 

And be a friend to man. 

I see from my house by the side of the road 

By the side of the highway of life 
The men who press on with ardor of hope. 

And the men who are faint with the strife. 
But I turn not away from their smiles or tears— 

Both parts of an infinite plan — 
Let me live in my house by the side of the road. 

And be a friend to man. 

Let me live in a house by the side of the road. 

Where the race of men go by; 
They are good, they are bad, they are weak, they are strong. 

Wise — foolish, — so am I. 
Then why should I sit in the scorner's seat. 

Or hurl the cynic's ban — 
Let me live in a house by the side of the road. 

And be a friend to man." 



114 PROCEEDINGS OF THE 

Mr. Courtney Thorpe, (Savannah) : This gentleman from Illinois 
has laid bare the weakness of the State of Georgia, and, in order 
that it might do the most good to the most people, I move you, sir, 
that this speech be printed in pamphlet form, and distributed among 
the members of this Association, and that the Legislative Committee 
be asked to urge legislation along the lines suggested. 

Mr. Joseph A. McCord (Atlanta) : I wish to rise to second this 
motion. It was my pleasure to hear Mr. Traylor in Mississippi, and 
he grows better every time I hear him. These are conditions that 
exist in Georgia; and we know it, and it is up to us to correct them. 
It is up to you gentlemen whether you want to sustain the State 
of Georgia or not. The publication of this speech to send to the 
members of the Georgia Bankers' Association (and have it stereo- 
typed so that additional copies may be given to the farmers of 
Georgia) will be one of the greatest agricultural developers that 
ever came to the State of Georgia. 

I heartily second the resolution of Mr. Thorpe and I wish that 
we thank Mr. Traylor by rising vote for that speech. (Applause). 

Mr. B. W. Hunt (Eatonton) : I was thinking of not having any- 
thing further to say, but I cannot help rising to assure Mr. Traylor 
that we are in thorough accord with him, that we appreciate every 
word he has uttered. He very kindly didn't quote me, but I advanced 
every dollar of that money he mentioned. My bank wouldn't take it, 
and I did it personally, and while I have the floor, I want to say 
that I have advanced money time and again to buy cows, and I have 
never lost a dollar on a cow, but with the aid of Nighbert and Bahn- 
sen we first eradicated the cattle tick. 

You have got to begin at the right end of any proposition, and, 
as Mr. Traylor brought out, we don't want to advance a dollar until 
the conditions are ready. Mr. Traylor is indebted to us for the sup- 
port we give him, because I have never heard an address listened to 
with as rapt attention, and we are indebted to him, and eternally 
indebted, for laying bare the facts and showing up the opportunities 
that lie before us. I most heartily second the motion that he be given 
a rising vote of thanks. 

Mr. Z. H. Clark (Moultrie) : I wish to also second the motion 
made by Mr. Thorpe, and I wish to say to the gentleman that we are 
beginning to do just what he has set forth as to cattle and also 
hogs. It is possibly known to every one of you that our county has 



GEORGIA BANKERS' ASSOCIATION 115 

taken the initiative in erecting a packing plant to cost us $100,000 
by local capital, not a dollar of it to be brought from outside of the 
county of Colquitt. At this particular time this year we have a 
number of gentlemen, who are going all over the county with the 
Secretary of the Chamber of Commerce, who is making it his busi- 
ness to go into every district to educate the farmers along the line 
of stock raising, and I am proud to say, sir, if you will excuse the 
personal reference, that my institution was the first institution in 
the Southeast that I know of, that began to loan money on farm pro- 
ducts other than cotton. I have notes secured by hay in a bonded 
warehouse, and we are offering to the farmers of our county to loan 
them on hogs or hay or any other product, that can be put in a ware- 
house, and for which a receipt can be issued. I hope that this will 
not be an occasion where we will go away from here saying we 
enjoyed the speech, and go home and forget it. 

As sure as we live, we are just as sure to be invaded by that army, 
and if the North Georgia farmers sit down quietly and say **you 
South Georgia fellows are going to catch the devil, '^ we will tell 
you right now you are going to catch it also. Its just up to us 
all to prepare for this thing and get ready for this tremendous evil 
that is coming upon us by doing just what the speaker has said to 
do, preparing for it by raising stock. We have in our county one 
of the largest, if not the largest, hog farm south of the Ohio River, 
and we are selling hogs off of that farm all over Georgia today, and 
shipping into Alabama and into Florida. I want you to come down 
to South Georgia, and we will show you what we are doing down 
in the piney woods. 

Mr. Thorpe's motion was then put to vote and carried, as well as 
the motion to thank Mr. Traylor by rising vote, which was unani- 
mous. 

Mr. J. T. Culpepper ( Thomas ville) : I suppose it would be very 
appropriate just at this time to introduce a resolution that was 
handed to me before the speech by Mr. Traylor this morning by 
Mr. Groover, of the Tatnall Bank, Reidsville, which is in line 
with the suggestions of the speaker, as well as with the ideas of 
some of the Georgia bankers, in regard to the eradication of the 
cattle tick: 

Whereas, The development of live stock in the State of Georgia 
is a fundamental industry that must be considered in making perma- 
nent progress along agricultural lines; and 



116 PROCEEDINGS OP THE 

Whereas, The Bankers of the State of Georgia are most vitally in- 
terested in all movements fostering this industry; 

Therefore be it resolved. The work of cattle fever tick eradication 
now conducted jointly by the State, Counties and Federal Government, 
is commended and we, the Bankers' Association of Georgia, in conven- 
tion assembled, resolves to give the movement our moral and active 
support. 

The losses from this serious cattle disease is estimated to be over 
six million dollars annually, besides the losses to industries, which 
cattle would contribute. The State is working on this problem with 
less than $20,000 annually. 

Therefore, be it resolved, That this Association use its influence 
for an increased appropriation to $50,000, in order that the Federal 
Government may extend its co-operation with additional men and 
funds. 

Mr. B. W. Hunt (Eatonton): I want to second Mr. Groover's 
resolution. That might carry the idea that it merely means that the 
general Government meet us in the matter. The way that resolu- 
tion is written, it might carry the idea to some banker that we pay 
more than our share, but I assure you that the United States Govern- 
ment pays its full share, and I second the motion. 

Dr. J. T. Culpepper (Thomasville) : The Resolutions Committee 
changed Mr. Groover's resolution to some extent. I read it as he 
wrote it, but I was so much enthused over the speech of Mr. Traylor 
in regard to the eradication of the cattle tick that I went to work 
and looked over what we had said about the amount to be appropri- 
ated towards the eradication of the cattle tick; that is, we had 
suggested that the amount of the appropriation be increased in pro- 
portion to the amount of work necessary for us to do, as compared 
with that done by the general Government, but after the speech made 
by Mr. Traylor I thought I would put in $50,000, as suggested by 
Mr. Groover. We had interlined here ''use our influence to help 
this with an increase of appropriation" without expressing any 
amount. Then I put it in from $20,000 to $50,000 annually be appro- 
priated towards the eradication of the cattle tick. 

Mr. B. H. Groover (Reidsville) : I want to acknowledge indebted- 
ness to Dr. Nighbert for dictating that resolution. The resolution 
should, no doubt, properly read that the appropriation be increased 
to $50,000. It was suggested that it be increased by $50,000, but 
Dr. Nighbert 's suggestion is that the $50,000 would be adequate. 

The resolution was then put to vote and carried. 



GEORGIA BANKERS' ASSOCIATION 117 

President ffillyer: I wish to say that the addresses by Mr. Cal- 
well and Mr. Traylor were worth coming to Atlanta to hear. They 
were more than worth it, and they have added largely to the splendid 
success of this meeting. I would like to make the suggestion that the 
Agricultural Committee be increased to five, one from each Group, 
and I would like to see the very best Committee that can possibly 
be appointed on that subject. I would also like to see recommended 
a substantial sum, as much as we can spare from our treasury, at 
the disposal of this Agricultural Committee for the purpose of edu- 
cating our farmers in this very important movement. 

Mr. G. H. Smith (Brunswick) : Mr. President, I desire to report 
as Chairman of the Auditing Committee. 
President Hillyer: Very well, sir. 

Georgia Bankers' Association: 

Gentlemen: — Your Committee on Auditing, beg to re- 
port that they have examined the accounts of the Treas- 
urer, have verified vouchers, and find same correct. 

G. H. SMITH, 
Chairman Auditing Committee. 

Secretary McFadden: Mr. President, it might be well at this 
time, to submit the report of the Boys' Corn Club work for 1913 as 
follows : 

Athens, Georgia, April 28, 1914. 
Mr. Haynes McFadden, 

Secretary State Bankers' Association, 
Atlanta, Georgia. 
Dear Sir:— 

I beg to submit herewith report of Boys' Corn Club work 
for 1913 for your State meeting, May 7th-10th. 

Very truly yours, 

J. PHIL CAMPBELL, 
State Agent. 

REPORT OF BOYS' CORN CLUB FOR 1913. 

The clubs were organized in 142 counties in the State with an en- 
rollment of about 10,000 members. 

Three thousand boys produced an average of 52 bushels of corn 
per acre. 

Ninety boys produced over 100 busheLs per acre. 

The highest yield winning the State Bankers' Association first prize 



118 PROCEEDINGS OP THE 

was 161 bushels. This prize was won by Edward Wellborn of Mor- 
gan county and consisted of a trip to Washington, D. C, where he 
was awarded a diploma on corn growing by Secretary Houston and 
President Wilson. The cost of this trip was $60. The remaining $40 
of the $100 contributed by your association was used in paying the 
expenses of the two next highest yielders to the Boys' Short Course 
of the Georgia State College of Agriculture. 

We hope that your association will continue to appropriate an an- 
nual sum for the encouragement of the corn club boys. 

The Farm Demonstration Work for 1914. 

The bankers and other business men in about 60 counties of the 
State have aided in the expenses of the County Farm demonstration 
agents. Our department pays half the expenses of these offices and 
the counties bear half the expenses. It cost from $1,000 to $1,500 to 
maintain an office in a county and we have found the business men 
very liberal in maintaining their half of this expense. 

We also hope that the individual members of your association will 
see their way clear to help us keep up this work and make it serve 
the interest of the farmers. 

The duties of the agent are to conduct farm crop and live stock 
demonstrations with adult farmers, organize boys' corn and pig clubs 
and promote girls' canning and poultry clubs. 

The Co-operative State Demonstration Agent. 

Last year this department proposed to co-operate with your asso- 
ciation in maintaining a State agent to aid in the promotion of farm 
enterprises throughout the State — such as pig clubs, corn clubs, cattle 
industry, county fairs, school fairs and farmers' educational clubs. 
Only $400 has been contributed so far to this project. It will take 
$2,500 or $3,000 to maintain an agent with traveling expenses suffi- 
cient to visit every county in the State. 

Will your association please discuss this matter further and if 
possible make a sufficient appropriation to meet half the expenses of 
this department, or advise us at least what shall be done with the 
$400 now on hand? 

We are limited in funds and cannot at the present time, even with 
your most generous co-operation, reach more than half the counties 
of the State in the very effective farm demonstration work. 

We hope the time will come when Congress and the State Legis- 
lature will supply us with a sufficient amount of funds to reach every 
nook and corner of the farm counties of Georgia. 



GEORGIA BANKERS' ASSOCIATION 119 

Mr. Louis Magid (Atlanta) : Mr. President, commenting on your 
remarks, and on the speeches I have heard, I wish to make this 
suggestion: that the Agricultural Committee be increased to a much 
larger number, so that a member may be represented in each district 
in the State, say each Congressional District, or any other district 
that the bankers may decide; and in addition that this Committee 
be authorized (and funds be appropriated therefor) to employ an 
expert agricultural Secretary. The speeches we have heard here 
will not go very far unless they are distributed, and we need specially 
an expert agriculturist, who can be in touch with each Committee- 
man in each particular district to distribute them, and receive re- 
ports — are the farmers buying books? If not, why not? If the 
bankers of Georgia are going to work with the farmers, the Agricul- 
tural Committee ought to have more funds than any other Committee, 
more than the Secretary, Mr. Haynes McFadden, so they can dis- 
tribute the literature. These addresses are excellent work, but you 
have got to put them in the hands of the farmers. Take Northeast 
Georgia, for instance; the average farmer there will never hear of 
this speech. How are you going to give him that speech? Of 
course we have several bankers from there; they might do the work, 
but they are busy keeping up ''with the army about to invade." 
The Bankers' Association ought to have an Agricultural Expert 
Secretary, an expert in every branch of agriculture, not only a college 
man, but a practical man. If I am in order, I move that the Com- 
mittee on Agriculture be increased to a much larger number (I have 
no way of suggesting what the number should be; perhaps Mr. Mc- 
Cord might suggest a way to district the State) and that funds be 
appropriated to that Committee to employ an expert horticulturist, 
that should work, and see that this information is distributed, and not 
simply have it printed, and received by the bankers and put in the 
waste-basket. 

Mr. B. W. Hunt (Eatonton) : I would like to make a motion that 
the Agricultural Committee, which I first suggested in my annual 
address, (I think your idea is a perfect one, that it be divided among 
the five Groups ; we can reach every part of the State through a mem- 
ber from each Group) — I say I would like to make a motion that we 
have that Committee increased to five, if I can get a second, and that 
the President of the Association name that Committee. 

This motion was seconded and carried. 



120 PROCEEDINGS OP THE 

Mr. Joseph A. McCord (Atlanta) : It was suggested that this ad- 
dress not only be printed and furnished to the members, but that it 
be stereotyped, so that each Banker could put in his order for so many 
copies. 1 know bankers in Georgia that would subscribe to 5,000 
copies, and have them sent out with their advertisement on the 
back of it. 

Mr. B. H. Groover (Reidsville) : I am heartily in sympathy with 
this banker-farmer movement. I know of no way in which our 
bankers can keep in touch with it better than for our Association to 
distribute to our membership the Banker-Farmer. It would cost 
about $75.00 I believe to do that. I brought the matter to the 
attention of some of the officers of the Association a few months ago. 
They didn't feel authorized to act. We have nine banks in Tatnall, 
and the officers of that Association had that paper sent to the member 
banks. We felt like, as bankers of the country, we couldn't co- 
operate very well unless we had the inspiration and guidance of that 
organ. I think we ought to authorize this Association to send that 
paper to every Bank in the State. Let that Banker-Farmer be the 
official organ of this Agricultural Committee. It is published at 
Champaign, 111., and can be sent to all bankers in Georgia for per- 
haps $100 or more. I think it ought to be done, and I make that 
as a motion. 

Mr. Joseph A. McCord (Atlanta) : We have got two questions 
confounded and confused. The motion was to have this speech 
printed and distributed, and Mr. Groover's motion is about the 
Banker-Farmer. You will excuse me, but I feel like that, if these 
bankers will send in their reports to Mr. Haynes McFadden, and tell 
him how many copies they want, and how much space they want 
for their advertisement, that they can get together on this thing. 

I want to second the motion of Mr. Groover that this Association 
take the Banker-Farmer for each member, if we have the funds 
in our treasury to do so, or that might be left to the good judgment 
of the Executive Council as to whether they can afford it or not. 

Mr. B. H. Groover (Reidsville) : Thirty-eight States are already 
doing it. The expense is not large. 

Mr. Groover's motion was then put to vote and carried. 

Mr. R. F. Maddox (Atlanta) : With regard to the suggestion with 
reference to an appropriation for this Agricultural Committee, I 
would like to ask for information — does the Executive Council make 




O 

o 

*^ 

l-H 

Q 
»2 



GEORGIA BANKERS' ASSOCIATION 121 

a budget up each year for these Committees, or does the Agricultural 
Committee have a specific amount to spend? 
Answer: It has not. 

Well, I understood you to say that the Association should make 
some appropriation for that Committee, and turn the amount over to 
them to expend in such way as they saw fit. Also I understood that 
the Agricultural Committee is now increased to five, one from each 
Group. As I recall the Treasurer's report, it showed a balance of 
cash of some $4,000 on hand 1 

President Hillyer: Yes. 

And that was about $1,000 increase on last year? 

President Hillyer : Yes, I think it increased $1,000. 

Very well; I think the Agricultural Committee ought to have some 
amount to spend as they see fit during the coming year, and, as it 
is divided into five Groups, I would suggest $1,500.00, $300.00 to 
each Group. I believe they could and would expend it wisely and 
well, and, if it meets with the approval of the delegates, that would 
not seem to be an excessive appropriation for this year. I make a 
motion that we appropriate $1,500 for the use of this Agricultural 
Committee during the coming year, to be divided among the Groups, 
$300.00 to each Group. 

Mr. J. T. Culpepper ( Thomas ville) : In connection with the mo- 
tion by Mr. Maddox, I would like to suggest that, as the Executive 
Council is composed of one member from each Group, together with 
with the President, Secretary, and Treasurer, why not appoint this 
agricultural Committee to act in connection or in conjunction with the 
Executive Council, and let the Executive Council use their judgment 
as to what amount of funds will be necessary for that Agricultural 
Committee to use. It might not be necessary for them to use any. 
Of course it may be necessary for them to meet together with the 
Council, and in that case their expenses would be paid by the Asso- 
ciation. It might not be necessary in their judgment to expend any 
money except that, and yet it may become necessary to spend some 
amount. It would be well enough, however, to say that they would 
have at their disposal an amount not greater than $1,000 to $1,500 — 
put a limit on it because, if you get a crowd of those fellows 
together, and they get to talking about what they think we ought to 
do, sometimes it costs a good deal of money for a fellow to do what 
he thinks he ought to do. Put a limit on the boys, and leave it in 



122 PROCEEDINGS OF THE 

their judgment as to what they ought to spend, acting in conjunction 
with the Executive Council, who are the Association during the in- 
terim between meetings of this body. 

Mr. Z. H. Clark (Moultrie) : I can't help but take issue with the 
Doctor in reference to acting in conjunction with the Executive 
Committee. I am very much with Mr. Maddox. I believe that this 
Committee ought to be required, if you please, to spend it, and make 
a report back here next year. We have all gotten up in arms over 
the gentleman's speech, and now we are afraid to spend a little bit 
of money on it. Let's give them $1,500 and make them make a report 
back here. Let each one do their own work, and hold them respon- 
sible. 

The motion made by Mr. Maddox was then put to a vote and 
carried. 

President Hillyer: We have one thing more on the program, and 
after that we will be glad to hear from Mr. McLane Tilton, who has 
had some experience in the very matter that we have been talking 
about over in Alabama. He has had some experience with the boll 
weevil, and he may tell you something of what they are doing over 
there. 

The next is the report of the Legislative Committee by the Chair- 
man, Mr. A. C. Blalock, President of the Bank of Jonesboro. 

REPORT OF LEGISLATIVE COMMITTEE. 

By A. C. Blalock, Chairman. 

The determination of your committee to secure the passage of a 
banking bill last summer was blocked by the opposition of the legis- 
lators. They opposed the bill on the ground that its passage would 
deprive the State Treasurer of adequate revenues for the adminis- 
tration of his oflSce. 

The thanks of the Association are due to Chairman L. J. Cooper, of 
the House Committee on Banks and Banking, for obtaining for the 
bill a place on the calendar of the House, where it now is. It will 
have that advantage when the adjourned session of the General As- 
sembly convenes next summer. It has got this advantage, to be 
killed as soon as they reach it, in my judgment. (Laughter). 

Its further progress has been placed by the Executive Council in 
the hands of a conference committee, who will meet with the Senate 



GEORGIA BANKERS' ASSOCIATION 123 

and House committees, before the Legislature meets. The Associa- 
tion's Conference Committee is composed of: 

Group I — W. W. Banks, Vice-President Bank ot Tifton 

Group II — B. S. Walker, President Bank of Monroe. 

Group III — Geo. H. Sessions, Cashier Marietta Trust & Banking Co. 

Group IV — Henry B. Crowell, Treasurer Columbus Savings Bank. 

Group V — F. S. Ethridge, President Jackson Banking Co. 

Dr. J. T. Culpepper (Thomasville) : Mr. Blalock's report reminds 
me of an old story, that a good many have heard I guess, of a fellow 
who went into bankruptcy, or into the hands of a receiver; at any 
rate he broke. One fellow thought he would be a little bit sharper 
than the others, and he went down to see him, and he treated him to 
champagne, and fine cigars, and he then took him to one side, and he 
said ''Now, I want you to make me a preferred creditor in this 
thing.'' He said ''I will do that. You have been kind and clever 
to me, and I'll make you a preferred creditor." ''That's right. 
"Well, what are you going to do for me ? ' ' The f ellov/ replied : ' ' You 
see these other fellows all hanging around here. They don't know 
what they are going to get, but I'll tell you that there aint none of 
you going to get a damned cent, and I'm going to tell you now so 
you'll be preferred over them." So we are on the calendar of the 
Legislature with our bill, and we have the satisfaction of knowing 
that they are going to kill it just as soon as they get to it. 

I have investigated with committees along a little at different times 
about the divorcing of the State Treasurer's office from the Banking 
Department, but you must remember that it requires a Constitutional 
amendment to change that, and this Constitution that we are work- 
ing under now was framed at a time when the income of the State 
of Georgia was $600,000 and the salary of the State Treasurer $2,000 
a year. It stands the same thing yet, and we handle now over six 
million dollars, and the State Treasurer's office couldn't be run in 
this State if it were not for the Banking Department that bolsters 
it up. We have got to have a Constitutional amendment to our State 
Constitution that will provide some means of taking care of the 
State Treasury Department before we ever get the Banking Depart- 
ment out of it. 

Mr. A. C. Blalock (Jonesboro) : We met here with the Executive 
Council and we pleaded with them to allow us to work along that 
line before we tried to do anything else. They said "Go ahead and 



124 PROCEEDINGS OB" THE 

do the otlier first, and let the Treasury take care of itself." I am 
glad the Doctor has come over to our way of thinking. 

President Hillyer: We will now liear from Mr McLane Tilton, 
Secretary of the Alabama Bankers' Association. (Applause). 

Mr. McLane Tilton (Pell City, Ala.): When the boll weevil 
crossed the Mississippi line into Alabama, our Association found that 
there was practically no organization there to meet the weevil, and 
all I would like to say is this: that I believe the State of Alabama 
has made in the past three years the most active and intelligent 
fight against the weevil that it has met since it crossed the Rio 
Grande, and it seems to me that it would be proper to extend to the 
Georgia Association all the benefits of the work that we have been 
able to do during the past three years. 

The weevil is now in the State of Alabama, beginning at the North- 
west portion in Limestone county, and halfway through the State, 
and coming out of the Southeast portion. About half of our Coun- 
ties are infested with the weevil. We have organized each one of 
those Counties as the weevil enters it, and I am very glad to report 
to you that, as a result of our work, I can say that the weevil does 
not interfere with the growth of cotton, provided the bankers under- 
take to work for the benefit of the farmers in those respective 
Counties — to have them grow cotton as it must be grown under weevil 
conditions. 

Our Association has had the progress of the weevil analyzed from 
three different standpoints — latitude, which is important, soil, which 
is more important, and moisture, which is most important of the three 
conditions affecting the growth and progress of the weevil. We have 
in Alabama two gentlemen — Dr. W. E. Hinds, the State Entomologist, 
at Auburn, and Dr. Morse, an authority and expert, an employee of 
the United States, and those two gentlemen, in connection with the 
Alabama Bankers' Association, have devoted a great deal of study 
and time to the matter of the boll weevil. We have prepared sev- 
eral pamphlets on this subject, and, if any of you will write to me, 
or to Dr. Hinds, or to Dr. Morse, we will be very glad indeed to 
have put at your disposal the result of our work and our investiga- 
tion. 

I can only present this one thought — that cotton can be grown 
under weevil conditions. It is so that it can be grown from the 
31st to the 33rd parallel, and in every community, where the weevil 



GEORGIA BANKERS' ASSOCIATION 125 

has arrived, as the result of weevil infestation the decline in the 
growth of cotton has been about fifteen per cent the first year, thirty 
to forty per cent the second year, and fifty to sixty per cent and some- 
times seventy-five per cent in the third year of infestation, which 
is the heaviest. These figures are the result of the weevil in coun- 
ties not organized to fight it. In counties where there is an active 
effort made to stop the ravages of the weevil, the destruction by this 
pest is reduced two-thirds, and the result has been without a single 
exception, so far as I am advised, that, where a proper fight is made, 
before the boll weevil has been in your country three years, you will 
be raising just as much cotton as you ever raised before. 

The trouble with the weevil is the question that Mr. Traylor dis- 
cussed this morning. The land without labor is valueless, and, 
whereas in Georgia, Alabama, and Mississippi we have a condition 
which is one of a tenant system of farming, where tenants abandon 
the land, it doesn't make any difference whether the weevil is there 
or not, you can't raise any cotton; and the entire problem in this 
fight is that same problem, to make the tenants stand by the soil, 
and, when you have figured that out, you are going to raise just as 
much cotton in Georgia as you have ever done, because Alabama, 
with sixty per cent of its territory already infested by the pest, made 
a crop last year that was the second largest that we have ever grown 
in our entire history. 

If any of you gentlemen are interested in organizing your coun- 
ties against this infestation (because it is already in your State), I 
want to tell you that you can't do it as a State unit; you can't do 
it as a Group unit ; you have got to do it as a county unit, because we 
have tried it all three ways. If you desire to have the benefit of 
our investigation and study, write me as Secretary of the Alabama 
Bankers Association, and I will be very glad, indeed, without cost 
to you either as individuals or as your Association as a whole give 
you the benefit of our study in the pamphlets that we have had pub- 
lished and I believe that, if Georgia will take advantage of the work 
that Alabama has done, you will find yourselves very much better 
equipped next year to meet the weevil than we were, when it crossed 
our line from Mississippi. If you don't take advantage of it, much 
of the work that Alabama has done will go for naught, because it 
will only benefit ourselves, and, if it does not benefit our sister 
State entomologieally, we will be very much disappointed. If you 
will write me I will send you these pamphlets, and, if you follow the 



126 PROCEEDINGS OF THE 

suggestions, you will find that you can not only raise cotton under 
weevil conditions, but you can raise more cotton than you ever raised 
before. 

Mr. L. G. Council (Americus) : If I am in order, I wish to offer 
a resolution of thanks to the Atlanta banks and the Atlanta Clearing 
House for their entertainment. It has been one of the most delight- 
ful entertainments I have ever attended. I offer that resolution. 

This resolution was seconded and carried unanimously. 

President Hillyer: I will appoint a committee composed of Mr. 
Thorpe and Mr. Abbott to conduct the new President to the chair. 

The gentlemen named conducted Mr. Council to the platform. 

President Council: Mr. Chairman, my friends, and fellow Geor- 
gia Bankers: I sincerely thank you for honoring me with the high- 
est office in our Association. In accepting this responsible position, 
I shall expect each of you to co-operate, and work faithfully, not 
only in the upbuilding of our banks, but we must go further and 
look after those things which go to make the real live assets of our 
banks. 

It is indeed gratifying to note the splendid progress of our State, 
which is now attracting greater attention throughout the trade world 
than ever before, and we, as its bankers, with our hands on its finan- 
cial pulse, must be up and on the go, looking ahead and making the 
best of our every opportunity. 

I sincerely thank you. (Applause). 

Mr. Courtney Thorpe (Savannah) : I want to offer a resolution 
of thanks and commendation to our friend, the retiring President, 
who has rounded out an useful and most gracious service in the 
interest of the Georgia bankers. I refer to Mr. L. P. Hillyer. 

(Applause). 

Mr. Joseph A. McCord (Atlanta) : I would like to second that 
motion and make it a rising vote of thanks. 

This was carried by rising vote amidst applause. 
Mr. L. P. Hillyer (Macon) : I move we adjourn. 
The motion carried. 

EX-PRESIDENTS' DINNER. 

One of the most delightful affairs of the kind for a numbci- of 
years, was the annual dinner to the ex-presidents of the assoelalioii. 



GEORGIA BANKERS' ASSOCIATION 127 

given by Mr. Mills B. Lane, of Savannah, Ga., the first presid^rit of 
the Georgia Bankers' Association. 

Mr. B. W. Hunt, of Eatonton, served as historian on this occasion 
and spoke briefly and with sentiment of each of the ex'y. 

A number of impromptu talks concluded this, the last of the con- 
vention festivities. 

MINUTES OF 1914 GROUP MEETINGS. 
GROUP I. 

Brunswick, Ga., April 14, 1914. 

Group I, Georgia Bankers' Association, met this day in the Elk's 
Home at 10:00 o'clock a. m. 

The meeting was called to order by Chairman J. T. Culpepper, of 
Thomasville, Ga. The officers present were J. T. Culpepper, chair- 
man, Abial Winn, vice chairman, and C. H. Sheldon, secretary. 

The meeting was opened with prayer by Rev. C. A. Jackson of the 
local M. E. Church. 

Mr. Linton E. Allen, assistant cashier, Glynn County Bank, 
Brunswick, Ga., delivered the address of welcome, which was re- 
sponded to by Mr. W. H. Searcy, vice-president Citizens Bank, 
Cairo, Ga. 

Mr. F. D. Bloodworth, vice-president National Bank of Savannah, 
Ga., address on ''Comments on New Currency Law," and Mr. Jo?.. A. 
McCord, vice-president Third National Bank, Atlanta, Ga., address 
on ''Rural credits" were both of much interest and contained val- 
uable information. 

Mr. Haynes McFadden, secretary of the Georgia Bankers' Asso- 
ciation, made a very interesting and convincing talk outlining the 
many advantages of being a member of the Georgia Bankers' Asso- 
ciation, as well as having given one of his usual good stories iji his 
natural pre-possessing manner. 

Mr. Linton E. Allen, assistant cashier Glynn County Bank, Bruns- 
wick, Ga., was unanimously selected as orator to represent Group I 
at the State convention to be held on May 8-9. 

A resolution prevailed endorsing Mr. L. P. Hillyer, of Macon, Ga., 
as Georgia choice by Group I as a director in class "A" of the 
Regional Reserve Bank for the Sixth District and Mr. E. W. Lane, 
of Jacksonville, Fla., as Florida choice for like place. 

Mr. F. D. Bloodworth was unanimously recommended for a direc- 



128 PROCEEDINGS OP THE 

torship in class '*C" of the Regional Reserve Bank for the Sixth 
District. 

Mr. Abial Winn and C. PI. Sheldon were elected chairman and vice- 
chairman respectively, with power to name the secretary, and also 
were duly given authority to select the place which will entertain 
Group I at their next meeting. 

After a vote of thanks to the Brunswick Clearing House Associa- 
tion for their hospitality to the visiting bankers, the meeting 
adjourned. 

C. H. SHELDON, DR. J. T. CULPEPPER, 

Secretary. Chairman. 

GROUP II. 

The ninth annual meeting of Group II, Georgia Bankers' Associa- 
tion, convened at Thomson, Ga., on Thursday, April 16th, 1914, at 
10:00 a. m., and was called to order by Chairman J. T. Neal in the 
auditorium of the Thomson High School. 

The pupils of the school joined with the delegates in singing our 
national hymn, ^'America," and the invocation was offered by Dr. 
W. H. Young, pastor of the First Baptist Church. 

The address of welcome was delivered in a happy manner by Hon. 
John T. West and Mr. Haynes McFadden, secretary of the Georgia 
Bankers' Association, responded in his usual pleasant way. 

The following gentlemen were appointed as nominating committee: 
E. A. Pendleton, T. J. Barksdale and C. J. Hood. 

Mr. L. P. Hillyer made one of his characteristic addresses, highly 
entertaining and instructive, specially stressing the importance of 
the bankers co-operating with the farmers in educating them to the 
necessity of making food supplies at home and making cotton a sur- 
plus crop, thereby getting ready to successfully combat the ravages 
of the boll weevil. 

Next followed an able and instructive address by Mr. B. L. Bond, 
of Royston, his subject being the ''Federal Reserve Act and Its 
Benefits to the Country in General." 

Mr. Jos. A. McCord, of Atlanta, then made a splendid address on 
''The Advisability of State Banks Entering the Federal Reserve 
System." Mr. Arthur H. Titus, of the National City Bank, New 
York, followed him, delivering an instructive discourse on "The Fed- 
eral Reserve Act and Its Operation." 



GEORGIA BANKERS' ASSOCIATION 129 

Minutes of 1913 meeting were read and adopted. 

The following resolution was offered: 

''We, the members of Group II, Georgia Bankers' Association, 
knowing the ability and fitness of Mr. L. P. Hilly er, of Macon, for 
the business of banking, and having great confidence in his integrity 
and honor, do endorse him for Class A. director of the Regional Re- 
serve Bank of Atlanta, and urge his appointment to this position." 
On motion, the resolution was unanimously adopted. 

The nominating committee offered the following for officers for the 
ensuing year: J. G. Craft, Hartwell, Ga., chairman; J. Frank Lee, 
Royston, Ga., vice-chairman; L. R. Farmer, Louisville, Ga., secretary. 

On motion, the report was unanimously adopted. 

Mr. R. 0. Barksdale, of Washington, Ga., was nominated and 
unanimously elected orator for Group II at the annual meeting of the 
Georgia Bankers' Association in Atlanta on May 8-9th. 

On motion, a vote of thanks was extended to the Clearing House 
Banks of Thomson for their generous hospitality and cordial recep- 
tion, and to the gentlemen who so ably addressed the meeting on the 
several subjects discussed. 

The meeting then adjourned and the delegates, with fond antici- 
pation, repaired to the grove to partake of the good things prepared 
for them. 
J. FRANK LEE, J. T. NEAL, 

Secretary. Chairman. 

GROUP III. 

The ninth annual meeting of Group III, of the Georgia Bankers' 
Association, was held in Atlanta April 17th, at the Piedmont Driv- 
ing Club, with one of the largest attendances ever present at a 
Group meeting. The meeting was called to order about 10:30 o'clock 
by Chairman Carl H. Lewis, and without a variation the program 
as prepared was carried out. 

The following is the interesting program : 

Prayer, Dr. W. W. Memminger, rector All Saints Church, Atlanta. 

Address of welcome. Dr. W. J. Blaloek, president Fulton National 
Bank, Atlanta. 

Response, T. M. Goodrum, cashier Newnan Banking Co., New- 
nan, Ga. 

Address, Rural Credits, J. W. Vaughn, Cartersville. 

Address, Some Phases of the Federal Reserve Act. 

Address, Legal Points in Every-day Banking, W. D. Thompson, 



130 PROCEEDINGS OF THK 

Business. 

Minutes of last meeting. 

Keports of committees. 

Election of oilicers. 

Announcements. 

Adjournment. 

A resolution was introduced and unanimously adopted endorsing 
L. P. Hillyer for a director in the Regional Bank. 

The following were the officers elected for the coming year : • 

T. J. Simpson, Rome, chairman. 

J. T. Duncan, vice-chairman, Douglasville. 

H. W. Martin, Atlanta, secretary, 

T. M. Goodrum, Group orator, Newnan. 

Rome invited the meeting for next year and the invitation was 
accepted. 

After the business meeting an elegant luncheon was served by the 
Atlanta Clearing House Association which was a most enjoyable 
afifair. After the luncheon the bankers were carried to the Atlanta- 
Nashville baseball game. Altogether the meeting was one of the most 
pleasant ever held. 

E. L. HENDERSON, 

Secretary. 

GROUP V. 

The tenth annual meeting of Group V, of the Georgia Bankers' 
Association, convened at 11 o'clock a. m., in the banquet hall of the 
Hotel Dempsey, Macon, and was called to order by Chairman Chas. B. 
Lewis, vice-president of the Fourth National Bank, of Macon. 

After the prayer offered by Dr. C. R. Jenkins, president of Wes- 
leyan Female College, Macon, Mr. L. P. Hillyer, vice-president of 
the American National Bank, of Macon, in behalf of the Macon 
Clearing House, extended a hearty welcome to the visiting bankers 
and their friends, Mr. John N. King, president King & Hamilton, 
Rochelle, Ga., responding in a very pleasing manner. 

Mr. Joseph A. McCord, vice-president of the Third National Bank, 
Atlanta, gave a very interesting talk on Rural Credit and Agriculture, 
advocating the idea of developing the country communities by estab- 
lishing better homes, providing telephones, banks and other con- 
veniences, thereby encouraging the people who are in the country to 
remain there. 



GEORGIA BANKERS' ASSOCIATION 131 

'^Tlie New Currency Law" was outlined very intelligently by Mr. 
F. S. Etheridge, president Jackson Banking Co., in a paper he read. 
He told of many advantageous features that will be enjoyed by the 
institutions entering the Regional System. 

''Legislation for Guarantee of Bank Deposits" was discussed in a 
paper read by Mr. A. P. Hilton, cashier of the Commercial Bank, 
Dublin. 

'/Necessity for New Banking Laws in Georgia" was very interest- 
ingly and entertainingly discussed by Mr. R. T. Persons, president 
Farmers Bank, Forsyth, in his usual humorous style. He insisted 
upon the passing of legislation prohibiting the organization of banks 
in Georgia with a less capitalization than $25,000, and pointed out the 
great importance of requiring all of the capital to be actually paid 
in cash before any bank be allowed to open for business. 

The following resolution, offered by Mr. A. R. Arnau, cashier the 
City National Bank, Dublin, was unanimously adopted: 

"Resolved, That the bankers composing Group V, of the Georgia 
Bankers' Association, do hereby endorse L. P. Hillyer as Class 'A' 
director of the Regional Reserve Bank for the Sixth District from 
the group in which Macon and Middle Georgia shall be located, and 
that we do pledge to him our enthusiastic and earnest support for 
this position." 

Mr. Lewis, the chairman, appointed the following gentlemen as a 
^-^inating committee to name officers for the ensuing year: J. M. 
Finn, R. C. Dunlap and R. H. Drake, who during the luncheon, gave 
the following: 

Chairman — Mr. T. R. Turner, president Jones County Bank, 
Haddock. 

Yice-Chairman — Mr. J. H. Arnall, cashier Tennille Banking Co. 

Secretary — Mr. F. R. Nisbet, assistant cashier Citizens National 
Bank, Macon. 

Group Orator — Mr. Robert T. Persons, president Farmers Bank, 
Forsyth. 

The meeting then adjourned and reassembled at the luncheon pre- 
pared in the banquet hall of the hotel. 

During the luncheon Mr. L. P .Hillyer offered a resolution extend- 
ing hearty greetings and best wishes to Georgia Federation of Labor, 



132 PROCEEDINGS OP THE 

which organization was in session in Macon at the same time of the 
banker's meeting — the same was unanimously adopted. 

Mr. R. T. Persons offered a resolution endorsing Macon's action in 
endeavoring- to make the Ocmulgee river navigable, whicJi was 
passed. 

On motion, bj^ Mr. B. W. Hunt, a rising vote of thanks was extend- 
ed the Macon Clearing House for the delightful occasion. 

J. W. BROWN, Secretary. 



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